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Since the 2008 financial crisis, regulators at the Securities and Exchange Commission have been seeking ways to make money market funds safer. But their most recent proposals have some in the financial industry worried that future changes will undermine money market funds’ appeal. According to Investor’s Business Daily, ”the rules expected to be formally proposed
Considering the many ways that an IRA can be used to help reduce taxable income, tax season is a good time for an IRA checkup — especially since investors have until April 15 to fund contributions for last year. Additionally, with many people holding numerous jobs throughout their career, your clients may have several IRAs
Small business owners, including 17 million sole proprietors, represent the vast majority of firms in the U.S. (Small Businss Admin, May 2009) and provide an opportunity for advisors looking to grow their retirement business. In fact, according to the Small Business Administration (Saving for Retirement: A Look at Small Business Owners, March 2010), 9 million
With the Bush-era tax rates set to expire this year, and new taxes being levied in 2013 as a result of health-care reform, many clients may face higher taxes next year. There is a small window of opportunity for clients to incorporate a variety of tax-smart strategies into their plan now to take advantage of
Higher tax rates and limits on itemized deductions are two of several provisions in President Obama’s proposed budget that would have an impact on high-income taxpayers. The FY 2013 budget proposal, released in mid February, includes a series of tax reform measures “to cut inefficient expenditures and move the tax system closer to observing the
The extension of the Bush-era tax rates into 2012 gave investors more clarity, but the ongoing debate about federal deficit reduction proposals is adding to uncertainty about tax policy beyond this year. Given the dynamic tax landscape, it may be a good time to meet with clients and review tax-planning strategies. Download our Tax outlook
Though there were no major changes in broad tax rates for 2012, there are some tax- and retirement-related changes from 2011 levels taxpayers should be aware of: Of these key changes, the reductions in the AMT exemption amount will have the most impact for taxpayers by far. Unless legislative action is taken, an estimated 25
Next year the federal estate tax environment will change dramatically unless legislation is passed in Washington. In fact, according to the Tax Policy Center, the number of estates subject to tax will increase by over ten times (roughly 3,600 taxable estates to over 43,000) while total estate tax revenue received by the government will increase
Just days prior to the expiration of a payroll tax-cut provision, the U.S. House of Representatives and the Senate agreed to extend the cut into 2012. Congress also agreed to negotiate for a one-year extension. The provision, which went into effect in January 2011, reduced the tax paid to Social Security by 2%. As a
2011 was an eventful year with respect to overall awareness of the nation’s debt crisis. Though dialogue around reducing the federal budget deficit emerged in 2010 through the work of a couple of well-known commissions (Bowles-Simpson, Rivlin-Domenici), the overall crisis became front page news in 2011. This culminated in November with the failure of the