All income tax News
Top stories summarized by our editors

Failure to report health coverage will not cause tax return rejection

2/17/2017

In response to President Donald Trump's Jan. 20 executive order requiring the federal government to reduce the burden of the Patient Protection and Affordable Care Act, the Internal Revenue Service issued guidance on how it will treat individual income tax returns that do not indicate whether the taxpayers had health insurance coverage.

Tax cuts could help push Roth feature, advisers say

2/6/2017

Retirement advisers think the Trump administration's expected income-tax cuts will provide an opportunity to talk to clients about a 401(k) featuring Roth deferrals. Chad Larsen, CEO of wealth advisors MRP, says the cuts will make pre-tax deductions less appealing and the Roth option more attractive.

Commentary: Warn clients about unconventional IRA investments

2/2/2017

Financial advisers should educate clients about the dangers of unconventional investments in individual retirement accounts, writes certified public accountant Ed Slott. Pitfalls include prohibited transactions, unrelated business income tax, and problems with valuation and liquidity, Slott writes.

New Form 990-EZ has icons to help exempt organizations in filing

2/1/2017

Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, which can be filed by small exempt organizations that meet certain gross receipts and assets tests, now has 29 help icons on various parts of the form that link to explanations, instructions and other resources, the Internal Revenue Service announced Tuesday.

Tax plan has advisers pushing 401(k) Roth feature

1/31/2017

Retirement advisers think income tax cuts expected from the Trump administration provide an opportunity to talk to clients about a 401(k) that features Roth deferral. The cuts would make pretax deductions less appealing and the Roth option more attractive, says Chad Larsen, CEO of registered investment adviser MRP.

Tax cuts could be boon for Roth deferrals

1/31/2017

Some retirement advisers think the Trump administration's expected income tax cuts will provide an opportunity to talk to their clients about Roth 401(k)s. Chad Larsen, CEO of registered investment adviser MRP, says such cuts would make pretax deductions less appealing and the Roth option more attractive.

Tax cuts could help push Roth feature, advisers say

1/30/2017

Retirement advisers think the Trump administration's expected income-tax cuts will provide an opportunity to talk to clients about a 401(k) featuring Roth deferrals. Chad Larsen, CEO of wealth advisors MRP, says the cuts will make pre-tax deductions less appealing and the Roth option more attractive.

Tax plan has advisors pushing 401(k) Roth feature

1/30/2017

Retirement advisors think income tax cuts expected from the Trump administration provide an opportunity to talk to clients about a 401(k) that features Roth deferral. The cuts would make pretax deductions less appealing and the Roth option more attractive, says Chad Larsen, CEO of registered investment advisor MRP.

Ill. gov., mayor clash as budget stalls in state Senate

1/25/2017

Chicago Mayor Rahm Emanuel criticized Illinois Gov. Bruce Rauner in local media this week as a gridlocked state Senate failed to pass a budget amid bipartisan clashes. The proposed budget includes income tax increases, new opportunity and service taxes, and a freeze on local property taxes.

IRS proposes changes to rules for dependents

1/23/2017

The Internal Revenue Service proposed changes to various rules affecting dependents on Thursday, including changing its position on when taxpayers count as "childless" for purposes of the earned income tax credit. The regulations would also affect who can claim a dependency exemption for adopted children.