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Five Ways Advisors Can Ease Clients’ Tax Concerns Now

With the extended July 15 tax deadline fast approaching and the November U.S. presidential election looming, taxes are now top of mind for many investors, and there are several ways advisors can help ease their clients’ minds and lessen their tax burdens for this year and 2021, according to Kalimah White, senior trust advisor for TD Wealth.

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IRS Says No Double Tax Benefits From PPP Loans

There’s a new wrinkle introduced by the IRS for the Payroll Protection Program that advisors and their clients taking these loans should be aware of. If their PPP loans are forgiven, which is a benefit of the program, those businesses will not also be able to claim the usual business tax deductions for wages, rents

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Beware the Social Security ‘Tax Torpedo’

The combination of different income types in retirement can create some really ugly distortions in tax rates. If you’re an advisor who has done Social Security planning, I’m sure you’ve heard of the “Tax Torpedo.” One of the earliest references was from Scott Burns, a columnist who wrote a lot about Social Security well before most

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IRS 1095-C-Form

IRS Slashes Insurers’ 2019 ACA Coverage Reporting Burden

The Internal Revenue Service today announced that it will make small cuts in employers’ Affordable Care Act (ACA) coverage reporting requirements for 2019, and big cuts insurers’ coverage reporting requirements. IRS officials have described how they expect to enforce the ACA coverage reporting rules for 2019 in IRS Notice 2019-63. The Affordable Care Act ACA

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2 Tax-Smart Charitable Giving Strategies for the New Tax Era

The increased standard deduction under the sweeping tax overhaul passed in 2017 has created an interesting new challenge for taxpayers who give to charity. Prior to the tax law, the standard deduction was significantly lower. The combination of a low standard deduction and personal exemptions, which have since been eliminated, created an opportunity for people

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How to Avoid a Tax Audit When Moving to a Lower-Tax State

If you’re a financial advisor with clients looking to relocate from a high-tax state to a lower-tax one, know this: The state your client plans on leaving may very well be watching, ready to pounce with a state tax audit to collect some of the tax revenue it will be losing. New York state, for

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Trump Signs IRS Redesign Bill Into Law

President Donald Trump signed into law on July 1 the Taxpayer First Act of 2019, legislation to redesign the Internal Revenue Service. House Ways & Means Committee Chairman Richard Neal, D-Mass., said the signing was “the culmination of a lengthy, bipartisan process undertaken by the Ways and Means Committee to implement pro-taxpayer reforms at the IRS for

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internal revenue service

IRS to Taxpayers: Check Your Tax Withholding

The IRS is reminding taxpayers to check their tax withholding following a tax filing season that resulted in smaller refunds for many. As a result of the 2017 tax cut legislation and IRS changes in tax-withholding tables, most taxpayers took home more money per paycheck last year, but some found that their refunds were smaller or

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Spurned Lawmakers Press IRS Again on Form 1040 Usability Data

House Ways and Means Committee Chairman Richard Neal, D-Mass., continues to press IRS Commissioner Charles Rettig to answer questions about the usability of the new “postcard” size Form 1040 after the IRS refused to comply with a Feb. 27 deadline. Neal, along with Oversight Subcommittee Chairman John Lewis, D-Ga., recently sent a follow-up letter, reiterating their request

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After 25+ years in financial, investment and other tax related services, I realized most business owners and successful employees weren’t getting specific actionable advice that was improving the bottom line results for themselves, their business or profession and their family. We think differently because we know that’s where value is created that benefits our clients.

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