Tax planning

With the end of the year just around the corner, now is a great time to discuss tax planning with your clients.

The agency aims to hire scores of auditors, but there's a nationwide shortage of accountants.

For businesses, the return of Republicans to control of the House takes the possibility of corporate tax increases favored by Democrats off the table.

When it comes to tax legislation, expect 'small ball' in an era of divided government.

Grants to charities from donor-advised funds grew 28% last year, according to a new report, as DAFs also come under scrutiny for helping the wealthy shield their money from taxes.

Democrats' hopes for tax increases on the wealthy and corporations would be dashed should Republicans take at least one chamber, and prospects diminish for a windfall profits tax on oil companies.

Taking the prize in annual installments over 29 years, rather than all upfront, dramatically increases the windfall. Lottery victors with seven-figure winnings can also reduce their tax bill.

By keeping an eye on the future and potential new tax developments, tax advisors can offer their clients a sense of stability and proactive tax planning.

Grand tax cuts have long been a centerpiece of Republican economic orthodoxy, appealing to the well-to-do who want to keep more of their income and stock-market gains. There's one problem, economists say.

A lucrative deduction for luxury vehicles used at least half the time for business will start tapering come 2023.

The Internal Revenue Service has raised tax brackets and the standard deduction by about 7% for 2023 as the soaring cost of food, energy and housing continues to batter Americans.

Inflation adjustments to tax brackets mean many Americans will owe less money to the IRS. But persistent inflation may erode the boost.

An extra $80 billion over 10 years will have major repercussions — though not necessarily the expected ones.

The three lawmakers vying to chair the powerful Ways and Means Committee — Vern Buchanan of Florida, Jason Smith of Missouri and Adrian Smith of Nebraska — embody the ideological tension within the Republican Party.

Benefits will be going up the most in 40 years as part of the annual cost of living adjustment in response to inflation.

While many new tax provisions don't take effect until 2023, tax advisors will be expected to alert their clients to issues affecting them.

Banks and other financial institutions are starting to look at "embedded tax" to give people more control over their taxes.

Beneficiaries won't get hit with a 50% penalty for not making withdrawals in 2021 and 2022 — an unexpected move by the IRS. But questions still remain.

Private foundations are using donor-advised funds to sidestep federal laws designed to make sure the wealthy donate money to the needy in a timely fashion, not defer the gifts for generations.