Budget deal would avoid another government shutdown

Budget deal would avoid another government shutdown

A bipartisan Budget Conference Committee this week announced a budget deal that caps federal government spending for the next two fiscal years. The plan, which requires approval from the full House and Senate, would also trim $63 billion from automatic spending cuts through sequestration, without the need for taxes. Although the plan does not address

Donate — from an IRA — and save

Donate — from an IRA — and save

The Internal Revenue Service requires retirees to take annual minimum distributions from individual retirement accounts (IRAs). In situations where clients don’t rely on that money for income, they may consider making a charitable donation with the proceeds. IRA account owners must start taking required minimum distributions at age 70½, and report the distribution as taxable

Top three topics for year-end planning

Top three topics for year-end planning

Year-end tax planning is an opportune time to connect with clients and review some key topics, including IRA-required minimum distributions, tax-loss harvesting, and annual gifting strategies. 284778

Conference call for financial advisors on November 19

Conference call for financial advisors on November 19

Exclusively for financial advisors, Putnam’s wealth management team leads a call on recent budget proposals and how investors can prepare for this tax season. Topics include: Post-government shutdown update: Where things stand today What’s ahead: Budget Conference Committee proposal, government funding, and debt ceiling You and your clients: Year-end wealth management planning ideas Featuring: Chris

Four year-end planning ideas

Four year-end planning ideas

As year-end approaches, it is a good opportunity to review your clients’ portfolios to ensure their investments stay on track to meet their goals, and to take advantage of strategies that may benefit your clients in today’s tax landscape. There may be certain strategies that need to be implemented before year’s end, and there are

Don’t let the Medicare payroll tax surprise your clients

Don’t let the Medicare payroll tax surprise your clients

Before tax season begins, high-income clients may be seeking clarity on the new taxes introduced this year as part of the federal health-care reform law. Some clients may be subject to the new 3.8% surtax on net investment income as well as an additional 0.9% Medicare payroll tax. These taxes apply to individuals with income

Debt ceiling resolved, for now

Debt ceiling resolved, for now

Congress sealed a deal Wednesday night to end the partial government shutdown and raise the nation’s debt ceiling for the near term. President Obama signed the bill, after the House voted 285 to 144, to re-open the government, fund operations through January 15, 2014, and raise the borrowing limit through February 7. Although bill opponents

DOMA ruling means new benefits for same-sex couples

DOMA ruling means new benefits for same-sex couples

A landmark U.S. Supreme Court decision this year recognized that same-sex married couples have the right to receive certain federal benefits and tax filing considerations that go to all married couples under federal law. The court ruled on June 26, 2013, that the Defense of Marriage Act (DOMA), which prohibited the federal government from recognizing

Top 4 questions about the continuing resolution debate

Top 4 questions about the continuing resolution debate

Congress is debating proposals to fund the federal government past September 30, amid efforts to defund the Affordable Care Act. Here are some of the leading questions about the continuing resolution that keeps the government operating and about the related debt ceiling debates on Capitol Hill. 1. What is a continuing resolution (CR)? A CR

View from the field: Top 3 client concerns

View from the field: Top 3 client concerns

From a series of meetings and presentations with investors and advisors around the country in the first three months of this year, tax uncertainty has emerged as the leading financial planning concern. While the passage of federal tax legislation in January brought some clarity, many clients still find aspects of the current law confusing and