The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or are considering updating your estate strategy, here are some important things to remember. Keep in mind, this article is for informational purposes only and is not… Read More
Recently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0. As the bill moves from the House of Representatives to the Senate, many hopeful investors are anticipating further retirement support as the majority of the bill stems… Read More
Now and again, the price action on Wall Street can surprise even the most seasoned investors. Look no further than when President Biden in late April proposed an increase in the tax on capital gains to 39.6% from 20% for those Americans who earn more than $1 million. Stocks dropped on the news, with the… Read More
In a speech to the Chicago Council on Global Affairs, U.S. Treasury Secretary Janet Yellen has called for a minimum corporate income tax that would be shared by countries all over the world. The decrease of corporate tax rates around the world has led to what Yellen has described as a “30-year race to the… Read More
President Joe Biden introduced the much-anticipated American Jobs Plan, which outlines an approach to spend roughly $2.2 trillion on the nation’s infrastructure and other projects. As part of the legislative process, the Biden administration also laid out a proposal for paying for the domestic investment. The plan includes raising the corporate tax rate to 28%… Read More
Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021, we wrote about it here. However, the IRS has also settled on May 17, 2021 as the deadline for contributions to… Read More
The House of Representatives passed a $1.9 trillion relief package focused on economic relief following the COVID-19 pandemic. The bill was signed into law at the White House on last week. Beyond the much-discussed $1,400 stimulus checks, the relief bill offers many levels of stimulus, including funds for vaccine distribution, expansions of tax credits, expanded… Read More
Less than one month away from the traditional date the I.R.S. has delayed the deadline for filing and paying taxes. The new deadline is May 17, 2021. This delay follows the continued disruption from the COVID-19 pandemic and a late start to the tax-filing season. The I.R.S. delayed the start to February 12th. This follows… Read More
Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 72. However, if you have saved and invested much of your life, you may also end up retiring at a higher marginal tax rate than your current one. In… Read More
If you are retired and have reached your seventies, you may have the opportunity to draw a little less income from your retirement savings accounts in 2022. Next year, the Internal Revenue Service plans to update the life expectancy tables used for the calculation of required minimum distributions, or RMDs – the annual withdrawals you… Read More