The IRS has released the final regulations for the 0.9% Additional Medicare Tax that was imposed as part of the Affordable Care Act.
In the wake of this summer's Supreme Court ruling on the Defense of Marriage Act and Prop 8 -- as well as ensuing federal clarifications related to tax rules, employee spousal benefits and more -- same-sex couples now say they need help with financial planning.
The toughest conversations that advisors need to have with their clients have nothing to do with investment strategies.
The changes to the Home Equity Conversion Mortgage program introduce credit underwriting criteria to the product for the first time, which until now only had been using actuarial standards in the decision making process, a reverse mortgage specialist said.
IRS private letter ruling gives heirs choices about annuities.
Married gay couples living in all U.S. states can file joint federal tax returns, even if local authorities dont recognize their marriages, the Obama administration said today.
The estate is arguing that a tax bill calculated by the IRS overvalued assets including real estate, a Bentley automobile and the late singers image and likeness.
The IRS is going after the estate of Bill Davidson, former owner of the Detroit Pistons and auto industry supplier Guardian Industries, to the tune of more than $2 billion.
Proceed with care. Thats what bankers, accountants and wealth managers are telling same-sex couples considering financial changes because of the Supreme Courts rejection of a federal law denying them benefits.
For any number of reasons, clients sometimes want to prevent their inheritors from draining their IRA accounts right after they die. LPL Financial is joining a handful of other firms in offering a turnkey product -- a so-called inherited trusteed IRA -- for advisors to use in these situations.
The Supreme Courts landmark decision last month striking down the Defense of Marriage Act may have solved the estate tax problems of the lead plaintiff, Edith Windsor, but it still is leaving a lot of uncertainty among same-sex couples, particularly those in states that do not recognize same-sex marriage.
An aging population has forged new partnerships between wealth advisors and health care planners.
In the wake of this week's landmark gay rights decision from the Supreme Court, financial advisors have as many questions as answers for their same-sex clients about how the ruling with impact their wealth management, tax and estate planning.
The U.S. Supreme Courts decision to overturn the core of the Defense of Marriage Act will narrow the financial gap between gay and straight couples.
The National Advisors Trust of South Dakota will give National Advisors-affiliated RIAs and their clients access to some of the most flexible trust and tax statutes in the nation.
Age Wave President and CEO Ken Dychtwald discusses what that new retirement reality may look like.
Barack and Michelle Obama need a better financial strategy. Financial Planning has several suggestions.
Several estate planning products were built to address concerns about paying federal estate tax. However, the tax law passed earlier this year may have made these products moot. Advisors need to react before angry clients start calling.
President Obama wants to prevent people from accumulating too much money in their tax- advantaged retirement accounts or trusts for heirs, adding to pressure on the wealthy after raising tax rates in January.
Several provisions affecting advisors contained in President Obamas budget blueprint drew sharp reactions from many corners of the industry, with groups variously praising measures to increase funding for securities regulators and blasting provisions concerning taxes and retirement planning.
New legislation means big changes for estate planning. Here's what you need to consider.
In the world of trust and estate administration, where tax planning typically involves special attention to federal tax law compliance, its easy to lose focus on state income taxation issues. And while some states do not tax income related to trusts, states that do tax trust income have a variety of rules and criteria for which trusts are subject to tax.
As the April 15 tax filing date draws closer, millions of taxpayers still find themselves somewhere between putting the final touches on their tax return and just starting the process.
Taxes are increasingly spreading beyond national and state borders to make more of a global impact, affecting economic activity across the world.
The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.
Will Rogers has been quoted as saying, The only difference between death and taxes is that death doesnt get worse every time Congress meets. Earlier this year, Congress passed the American Taxpayer Relief Act of 2012, which may have prevented us from falling off the fiscal cliff, but further complicated the already complex world of income taxation of estates and trusts.
When planner Gordon Bernhardt began focusing his practice on entrepreneurial clients about three years ago, he discovered all of them lacked one important asset: time.
Clients who hold valuable land may receive generous tax breaks in return for a conservation easement, but the IRS has made an effort to keep the tax breaks from becoming too generous.
Tax Court Judge Elizabeth Paris handed the taxpayers a victory involving a powerful estate tax planning tool: private annuities.
The professor of law and taxation at the University of Virginia discusses the American Taxpayer Relief Act of 2012.
Finding a way to keep clients safe while generating more income in the markets.
An ethical will can ensure the positive impact of your client's life on future generations.
Its a good time to be an advisor, said IRA Expert Ed Slott. Theres a tremendous opportunity now because you have certainty.
In the wake of the newly-passed American Tax Relief Act of 2012, its likely many wealthy clients will continue to make large family gifts. If they are giving away hard-to-value assets, they might consider following a tactic from the Wandry case, decided by the Tax Court in 2012.
The last-minute tax deal cobbled together in Washington contained several key elements for estate planning. Now advisors can break the good news to wealthy clients:
The Internal Revenue Service released new income tax withholding tables for 2013 late Monday to reflect the expiration of the 2001 and 2003 Bush tax cuts and the more recent payroll tax cuts of 2011 and 2012, but noted that the guidance would be modified if Congress acts.
What advisors can still do to protect business owners' assets even though last year is gone.
With little more than a day remaining to avert tax increases for almost every U.S. worker and to halt federal spending cuts, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell worked to bridge gaps over income tax rates, the estate tax and other issues.
Small businesses may be facing a variety of regulatory changes after January 1.