Tax planning

The Internal Revenue Service is providing information on some of the retirement plan provisions of the fiscal cliff deal that was signed into law earlier this month.

The Internal Revenue Service plans to introduce a simplified way for small business owners and home-based employees to claim the home office tax deduction.

The Internal Revenue Service has released a long-awaited set of rules for correcting employee retirement plans that fail to meet the requirements of the Tax Code.

Fresh from year-end tax planning meetings with clients, it is time to identify four areas where great tax planning and great financial planning collide, specifically for people accumulating wealth.

“It’s a good time to be an advisor,” said IRA Expert Ed Slott. “There’s a tremendous opportunity now because you have certainty.”

The impact of last week’s tax accord in Congress -- officially known as the American Tax Relief Act of 2012 -- is likely to be far wider and more complex than many have imagined. And many of these complexities will directly impact financial advisors.

In the wake of the newly-passed American Tax Relief Act of 2012, it’s likely many wealthy clients will continue to make large family gifts. If they are giving away hard-to-value assets, they might consider following a tactic from the Wandry case, decided by the Tax Court in 2012.

Tax forms from the federal government and many states may be delayed in the aftermath of the fiscal cliff legislation, one of the largest tax preparation chains warned.

What advisors can still do to protect business owners' assets even though last year is gone.

The U.S. economy has turned the corner and experts see a better year for Wall Street.

Preparing your clients for the tax plan ultimately agreed upon in Washington.