Tax

Many financial planners have yet to incorporate crucial documents like wills and trusts into their service offerings — a potentially costly mistake, writes the CEO of a wealthtech platform.

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

The IRS and Labor Department issued guidance on the new savings vehicles, but financial advisors and other wealth management professionals have questions.

As tax-friendly as the rules are for HSA funds during an individual's lifetime, they can become much more punitive for funds left over after the original account owner dies.

The IRS reviews all income tax brackets annually, making adjustments as necessary to balance for inflation.

The Internal Revenue Service and the Treasury Department told businesses they won't have to report on the digital assets they receive until regulations are issued.

The TAMP developed its new tools after consulting with a group of financial advisors on the design and functions.

Retirement plan sponsors and their financial advisors receive guidance from the IRS on how the Secure 2.0 Act opened the door for "de minimis financial incentives."

The Internal Revenue Service provided initial guidance to aid employers in establishing pension-linked emergency savings accounts, an outgrowth of the wide-ranging SECURE 2.0 Act of 2022.

In a change that may affect financial advisors and tax professionals' clients, the agency reversed course on a position it took seven years earlier.

The service reported on its increased enforcement efforts on Friday, including collecting over half a billion dollars from millionaires who didn't pay their taxes.

The seven states that impose the least on residents have an individual income tax burden of 0.00%.

From estate, gift and trust work to Social Security maximization and charitable planning, there are a host of offerings firms can work on once the tax return is finished.

The state that imposes the most on residents has an individual income tax burden of 4.72%.

Asking the right questions early on can help a planner identify gaps in an emerging estate plan and uncover opportunities for clients down the road.

Practitioners have always shared advice as part of tax prep, but the future of the field is in proactive, intentional tax advisory services.

Financial advisors, tax professionals and their customers can recoup 30% of the cost through credits for qualified upgrades to their residences.

Donald Trump plans to make permanent the 2017 individual tax cuts that he enacted as president while keeping corporate tax levels unchanged in an appeal to working and middle class voters should he retake the White House.

Businesses eager to see Congress revive expired research and investment tax breaks have reason for optimism that a deal could come together as soon as this month.

Here's a breakdown of the most important proposals and debates circulating in policy circles ahead of this year's election and a big Supreme Court decision.