Tax

The Treasury Department suddenly softened its plan to track consumer transactions after critics protested that it would target low-income workers.

The Internal Revenue Service’s Office of Chief Counsel is spelling out new requirements for information from companies submitting claims for research credit tax refunds to prove they’re valid.

There’s no telling where the vast fortunes hide on tree-softened Phillips Avenue here in Sioux Falls.

Good luck getting in to see an estate planner if you don’t already have one. Cross your fingers if you do.

Bitcoin and the like may be the future, but right now the tax landscape is complicated.

Instead of trying to tax diversify between traditional and Roth retirement accounts, taxpayers can consider trying to ‘Roth optimize’ exactly when to add dollars to tax-free Roth accounts.

Policies held in grantor trusts would be subject to estate tax under Democrats’ plan, the latest blow to wealth management for the affluent.

The big asset manager’s acquisition of O’Shaughnessy Asset Management is the latest in a string of similar deals by Wall Street.

The use of a SLAT to eliminate the risk of changes in the estate and gift tax system can help separate legacy assets from lifetime assets.

Joan Crain’s job is to guide the wealthy through complicated financial decisions where mistakes can cost millions of dollars. That task is proving particularly tricky now thanks to Joe Biden’s proposed tax plan and the lack of clarity over what the Democrats will pass.

The proposed law would ban all IRAs, regardless of size or owner’s income, from holding unconventional assets like stakes in private companies, real estate and startups.

Qualified small business stock may lose a lot of its value if congressional proposals go through.

The agency will consider whether to require affluent taxpayers to pay tax on transfers to trusts made under higher exemptions that expire come 2026.

Two of the most generous tax loopholes are on the chopping block, the latest surprise in emerging tax increases.

The effort to appeal to centrist Democrats fails to take into account gaping loopholes lawmakers must close if they plan to fund an ambitious spending proposal.

While Biden isn’t getting some of his proposed tax increases on the wealthy, some surprising new hikes may be in the works.

The bipartisan infrastructure bill includes requirements for brokers to report their customers’ cryptocurrency gains to the Internal Revenue Service, but exactly what constitutes a broker is stirring controversy.

Fighting among Democratic lawmakers over proposed hikes in individual and capital gains taxes is intensifying, creating more questions and opportunities for advisors.

Even professionals such as accountants and attorneys who may serve as trustees are unaware of the numerous risks that life insurance policies carry.

Using private placement life insurance to avoid taxes is getting more popular, some financial advisors say.