Tax regulations

The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money.

FSI aims for a pragmatic approach when advocating on behalf of more than 90 independent broker-dealers and 30,000 financial advisors, Deputy General Counsel Robin Traxler says in an episode of the Financial Planning podcast.

The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15 because of the novel coronavirus pandemic.

Without the marital deduction, a certain category of married clients will have challenges inheriting property outright.

Prosecutors said Robert Shapiro used investor money for his $6.7 million home and $3.1 million for chartering planes and for personal travel.

Changes to the law meant some taxpayers needed to adjust their withholding. Many were confused about how to do so.

The impact of the 35-day partial government shutdown could delay the process this year.

Clients intending to set up a bank account or mutual fund for their child must consider various provisions.

Some of the changes to rental property rules may be confusing for clients.

Each has its own requirements pertaining to tax withholding, clawback rules and filing deadlines.

Clients are willing to pay more for tax advice, but they’re still not getting it.

Some unresolved issues haven’t received as much attention as those related to federal securities laws.

Part of the problem stems from how slow regulators have been to define their views of virtual currencies.

Although funded with after tax dollars, what clients owe will be lower than the liability on traditional IRA withdrawals in retirement.

Congress created a juicy new tax break, yet hundreds of thousands of clients still don’t know if they can claim it.

The test will also be modified to account for the new tax law while aiming to plug leaks in the pipeline from college to CFP certification.

Battles will ensue over the Trump tax plan’s treatment of payments to former spouses.

Advisors need to be aware of how the new tax law will affect high-net-worth clients across the country.

Entrepreneurs who suffer continuous losses could find their work classified as a hobby by the IRS.

Geography, occupation and family size will determine whether the bill helps or hurts.