Tax strategies

Concerned that tax rates and IRS bills may rise under Biden, wary advisors note that Roth plans are not just for younger investors.

The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims.

With the passage of so much tax legislation over the past several years, there is tremendous opportunity for savings and planning.

Advisors are urging clients to make tax-planning moves this year to preserve the preferential capital gains rate and turbocharge business deductions.

Guidance from the IRS can be confusing, explains Bloomberg’s Alexis Leondis.

“We need to study just what impact it’s had,” the Treasury secretary said during a House Financial Services Committee hearing Tuesday.

Yet another IRS change to tax rules amid the COVID pandemic is complicating tax-planning opportunities for financial advisors this filing season.

Collecting all unpaid income tax from the top 1% would boost revenue to the U.S. Treasury by $175 billion a year.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

“Even the easy returns are not simple right now,” a CPA says.

Estate planners are keeping a close eye on the department’s agenda, anticipating the possible revival of several regulatory projects shelved by the Trump administration.

It’s not just $1,400 checks. Here’s what advisors need to know about other financial perks in the massive stimulus package.

Roth conversions and backdoor Roths ease COVID financial pain for wealthy earners this tax season

A Biden proposal to change the tax deduction for contributions to a tax credit could have serious implications.

All trusts named as beneficiaries before the SECURE Act may need to be updated, says one analyst.

Bitcoin and other digital currency investors face tax headaches and IRS scrutiny this filing season.

Now political momentum is building to raise taxes on the wealthy and support families and small businesses during the pandemic.

A COVID-wrecked economy has changed the calculus for some financial planners.

The agency’s commissioner is upbeat, but tax preparers and financial planners worry that this year could be especially chaotic due to the COVID pandemic.

Unexpected windfalls and limitations may accrue to WFH clients — and their financial planners.