Tax strategies

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

The measure contains tax relief for both businesses and individuals, and other stimulus measures.

Republican staff on the Senate Finance Committee have released a set of answers to frequently asked questions about the stimulus payments.

The passage extends the IRA contribution deadline and waives RMDs for 2020. Here’s what else financial advisors need to know.

The Senate voted 96-0 late Wednesday to approve a sweeping $2.2 trillion stimulus package to help the nation emerge from the coronavirus pandemic.

Large retailers like Walmart Inc. and Target Corp., as well as student loan borrowers, are on a long list of potential winners from tax breaks included in a $2 trillion coronavirus relief bill approved by the Senate.

Days of negotiations between the Trump administration and Congress — and fierce lobbying by industries eager for assistance dealing with the coronavirus outbreak — has yielded a rescue package worth more than $2 trillion in spending and tax breaks.

Some common planning techniques have emerged to maintain favorable IP tax rates.

A centerpiece of the package is tax rebates to individuals of $1,200 and $2,400 for married couples. Rebates are completely phased-out for taxpayers with incomes exceeding $99,000 for individuals or $198,000 for a couple.

A package of coronavirus relief legislation that was signed into law Wednesday includes provisions for paid sick leave, family leave and medical leave, along with tax credits to help employers and the self-employed pay for them.

CFP exam registrants affected by the closures will be rescheduled for the July 2020 exam, currently scheduled for July 7-14, 2020, at no additional cost.

The U.S. Treasury will be able to support smaller businesses impacted by the coronavirus through an economic relief plan that the House passed late Friday, Treasury Secretary Steven Mnuchin said in a statement.

Former Vice President Joe Biden wants to raise taxes on the wealthy. Senator Bernie Sanders wants to send those levies off the charts.

The super-wealthy can deploy sophisticated strategies to pass on billions of dollars to their descendants tax-free.

An independent analysis of the Democratic presidential candidate’s tax plan includes new tax credits for buying electric cars and investing in renewable energy as well as other breaks for student loans and family caregiving.

The AICPA is also urging the IRS to expand and clarify its cryptocurrency guidance.

The law to boost retirement planning has tax consequences.

Senator Bernie Sanders is proposing hiking taxes on executive retirement plans and using the extra revenue to aid struggling worker pension plans.

The ranking Republican on the House Financial Services Committee proposed an amendment that would stop the panel from even thinking about taxing trades of stocks, bonds and derivatives.

Democratic presidential candidate Pete Buttigieg took on one of the most fraught tax issues in Democratic politics, proposing that the $10,000 cap on state and local tax deductions be lifted.