Tax planning

The Internal Revenue Service has provided summaries and a set of tips to help with compliance for some of the more complex areas of the foreign tax credit law.

Senator Ben Cardin, D-Md., a member of the Senate Finance Committee, has written to Treasury Secretary Jack Lew and Acting IRS Commissioner Daniel Werfel, urging them to quickly resolve and clarify the tax implications for legally married same-sex couples and those in civil unions.

The Department of Labor’s Web site debunks the myth of the $100-per-day fine for not providing ACA-related information to employees.

The IRS issued proposed regulations on Friday that provide guidance on the tax credit available to certain small employers that offer health insurance coverage to their employees under Code Section 45R, enacted by the Patient Protection and Affordable Care Act.

The estate is arguing that a tax bill calculated by the IRS overvalued assets including real estate, a Bentley automobile and the late singer’s “image and likeness.”

Financial institutions that must register with the IRS to meet their FATCA obligations can now begin the process by creating an account and providing required information.

Despite the controversy and repeated delays, the IRS and the Treasury Department have been moving forward slowly with implementing FATCA, including the release of a draft version of Form 8966.

Proceed with care. That’s what bankers, accountants and wealth managers are telling same-sex couples considering financial changes because of the Supreme Court’s rejection of a federal law denying them benefits.

The Internal Revenue Service has proposed to extend for up to 10 years the amount of time that taxpayers would have to apply for the “innocent spouse” tax relief program.

Investors are more concerned about improving the quality of financial disclosures rather than simply reducing the quantity of them, according to a new report from the CFA Institute, which takes aim at some recently proposed disclosure reforms that seek to cut down disclosure overload.

Foreign stocks generally pay higher dividends and offer great sector diversity for investors hunting yields, says Philip Camporeale of J.P. Morgan Asset Management. But beware the tax hit.

Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules.

In TD 9626, the IRS issued final regulations under Section 337(d) of the Tax Code to provide guidance concerning certain transfers of property from a C corporation to a regulated investment company or a real estate investment trust.

Taxable account or tax-deferred? Where clients' investments are housed can be vital to total returns, but beware the pitfalls.

The Internal Revenue Service’s Return Preparer Office said it is sending letters to 3,000 tax preparers who failed to use a valid Preparer Tax Identification Number.

The Supreme Court’s landmark decision last month striking down the Defense of Marriage Act may have solved the estate tax problems of the lead plaintiff, Edith Windsor, but it still is leaving a lot of uncertainty among same-sex couples, particularly those in states that do not recognize same-sex marriage.

Dozens of lawmakers are urging House leaders to reject proposals to eliminate or cap the exclusion for tax-exempt bonds.

Changes require advisors to adjust strategies for using net unrealized appreciation for lump-sum distributions.

In the wake of this week's landmark gay rights decision from the Supreme Court, financial advisors have as many questions as answers for their same-sex clients about how the ruling with impact their wealth management, tax and estate planning.

The U.S. Supreme Court’s decision to overturn the core of the Defense of Marriage Act will narrow the financial gap between gay and straight couples.