Tax

The White House’s sweeping proposal to raise taxes on the wealthy will likely force advisors to get creative as they structure sales of their practices.

The administration’s American Families Plan includes a bump in the top tax rate to 39.6%, but doesn’t specify thresholds for different types of filers.

Some taxpayers, including those who aren't millionaires, have been hammered by the limit, writes Bloomberg’s Alexis Leondis.

If employees are a company’s greatest assets, then children are a person’s greatest treasure.

The administration's plan would eliminate a break that allows heirs to use the market value of assets at the time of a transfer, rather than the actual purchase price.

Residential property owners are the most likely to be impacted by proposed changes in the administration’s American Families Plan.

If passed, the package would end the step-up in basis provision, which will mean significantly larger tax bills for wealthy estates.

Biden’s proposal to raise capital gains taxes on investments profits would hit many business owners, not just ultra-wealthy investors.

If Biden’s proposal is enacted, Nir Kaissar writes many investors will dump their funds to avoid paying a higher tax down the road.

The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15.

When it comes to gifting to a child that isn’t your own, author Erin Lowry writes things do become a tad more complicated.

Advisors who leave wirehouses face key tax considerations to become successful RIAs.

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.