Tax planning

It’s tax season, and that usually means a lot of scrambling around to prepare and find ways to cut taxes. We know that many accountants across the nation are tirelessly working to complete these reports by April 15, so we asked advisors what they thought were some common tax mistakes that accountants make.

In the world of trust and estate administration, where tax planning typically involves special attention to federal tax law compliance, it’s easy to lose focus on state income taxation issues. And while some states do not tax income related to trusts, states that do tax trust income have a variety of rules and criteria for which trusts are subject to tax.

Advisors need to position themselves to help clients navigate the new tax landscape, particularly when it comes to juggling the variety of mutual funds in a client's portfolio.

As the April 15 tax filing date draws closer, millions of taxpayers still find themselves somewhere between putting the final touches on their tax return and just starting the process.

The Internal Revenue Service is reminding tax professionals that they must implement safeguards to protect taxpayer data.

A coalition of charities has expressed concerns about a Senate budget proposal that could potentially place a limit on charitable deductions.

Senate Budget Committee chairman Patty Murray, D-Wash., on Wednesday unveiled a fiscal 2014 budget that would reduce the deficit $975 billion by "closing loopholes and eliminating wasteful spending in the federal tax code that benefits the wealthiest Americans and biggest corporations."

A dozen Senate Democrats and an Independent lawmaker have re-introduced a bill that would impose a minimum 30% tax on high income tax payers who earn more than $1 million as a way to help reduce the ballooning federal deficit.

Small business owners prefer a Tax Code with low rates and fewer deductions, according to a new survey by the National Federation of Independent Business, but their bottom line is whether their taxes rise or fall.

The number of tax-delinquent federal workers and retirees increased by 11.5 percent in 2011, according to Internal Revenue Service data.

Among the provisions of the new tax law is the introduction of in-plan Roth conversions for participants of employer-sponsored retirement plans. This provision may be especially valuable to high-income clients, according to Thomson Reuters.

The SEC and the IRS have met to discuss tax implications if money-market mutual funds were to adopt a floating share price, two people familiar with the talks said.

Taxes are increasingly spreading beyond national and state borders to make more of a global impact, affecting economic activity across the world.

The Internal Revenue Service said Tuesday that its Modernized e-File Production system is taking longer to generate federal acknowledgments for tax return filings.

The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.

For years, accountants have heard they should include financial services among their tax or accounting practice’s service offerings, but is that a realistic goal?

The IRS has issued a warning to taxpayers who receive emails claiming to be from the agency.

Clients who hold valuable land may receive generous tax breaks in return for a conservation easement, but the IRS has made an effort to keep the tax breaks from becoming too generous.

The Internal Revenue Service said Wednesday that it has observed problems with the filings for education tax credits that could be delaying processing of tax returns.

The Internal Revenue Service said Tuesday that taxpayers need to report Roth individual retirement account conversions from 2010 on their returns this tax season.