Tax

A proposal is expected as early as next week as part of the administration's tax increases to fund social spending in the forthcoming “American Families Plan.”

The Treasury secretary has previously said she would work with Congress on ways to ease the “disparate treatment” across taxpayers from the deduction limit.

As Congress considers Biden’s $2.25 trillion spending and tax proposal, party members are being explicit with their constituents about how much it’ll cost them.

Many RIAs can qualify for this lucrative benefit. Here’s what you need to know this tax filing season.

The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount.

Commissioner Charles Rettig left open the possibility that there may be delays.

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

A new initiative called Operation Hidden Treasure is only the latest in the service’s approach.

Rep. Lloyd Smucker's legislation is in line with a request from accounting and tax professional groups.

The Samsung dynasty’s art collection, including classic paintings by Picasso and Monet, is estimated to be worth between $2.2 billion and $2.7 billion.

Permanent life insurance has a bad reputation. Here’s what financial advisors think about its potential for retirement planning if taxes rise under Biden.

Notice 2021-25 offers details on a provision of the COVID-19 relief package from last December that allows a temporarily larger deduction.

NCCPAP’s Stephen Mankowski shares details from the service on filing date extensions and more.

Employees who move to low-tax states may still be taxed by their former residence, as more states levy taxes on cross-border business.

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 is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes.

Stocks can take a hit when rates rise on corporations and individuals, a BTIG strategist writes.

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.