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Proposed Rules Would Exempt Corporate U.S. Shareholders from Sec. 956

The IRS issued proposed regulations that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders. To read the full article in Journal of Accountancy, click: Proposed Rules Would Exempt Corporate U.S. Shareholders from Sec. 956. ...

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19 Trends to Watch in 2019

Macroeconomic trends and matters of convenience will move advisors, assets, and markets this year in the ever-changing wealth management space. To read the full article in Financial Planning, click: 19 Trends to Watch in 2019. ...

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Potential 2019 Tax Changes Your Wealthy Clients Need to Know About

The Tax Cuts and Jobs Act has provided certain advantages for clients, including a 20% deduction for qualified business income and a higher standard deduction. But a cap on deductions for state and local taxes and a different method for determining inflation adjustments could create challenges. "The TCJA has given wealthy taxpayers some interesting changes to their return," noted Scott Kadrlik, CPA, PFS. To ...

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Tax Credit for Clients who Hired Nannies this Year: Tax Strategy Scan

Despite the changes that came with the Tax Cuts and Jobs Act, clients can still claim the child and dependent care tax credit on their 2018 returns. Working parents who paid for day care, summer camp or a babysitter should take advantage of this tax break, which can help them save as much as $1,050 per child below age 13. Those who intend to claim are advised to pay their babysitter legally and remit the ne ...

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Why Digital Retirement Tools are Targeting Younger Clients

Millennials are using TDFs more than others. Digital firms are paying attention. Some of the leading RIAs, asset managers and TAMPs updated their retirement packages with new tools to track target-date funds and savings statistics, ultimately giving clients more sophisticated information about their retirement options. To read the full article in Financial Planning, click: Why Digital Retirement Tools are T ...

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This Failing Market Offers an Opportunity to Cut Your Taxes in Retirement

If stock market volatility has drained value from your traditional IRA, this might be a good time to convert the account into a Roth IRA to take advantage of tax-free asset growth. The move may be especially appealing for retirees who have delayed their Social Security benefits and are younger than 70½. To read the full article in CNBC, click: This Failing Market Offers an Opportunity to Cut Your Taxes in R ...

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Where Should Rich Clients Retire?

If your clients are super wealthy and want to avoid a big tax bill, they’re better off retiring in Michigan than in Maryland. The IRS collects around $18 billion in estate taxes annually, according to the agency. To read the full article in Financial Planning, click: Where Should Rich Clients Retire? ...

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How Tax Reform is Changing Clients’ Financial Plans

CPA financial planners name charitable giving, business structure and estate plans as the areas of clients' financial plans they have had to adjust most frequently after passage of the law known as the Tax Cuts and Jobs Act. Planners can tap into their technical expertise to evaluate how different tax strategies would align with a client's overall financial picture, said Robert Westley, CPA/PFS. Ultimately, ...

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Hurry Up—Get Your Clients Divorced

After Dec. 31, spouses responsible for paying alimony won’t get a tax deduction, due to a change under the Tax Cuts and Jobs Act. To read the full article in Financial Planning, click: Hurry Up—Get Your Clients Divorced. ...

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2019 Standard Mileage Rates Announced

The IRS released guidance Friday on the standard mileage rate for business, medical and certain moving expenses incurred in 2019. To read the full article in Journal of Accountancy, click: 2019 Standard Mileage Rates Announced. ...

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Preparing for an Unexpected SEC Audit

Preparing for an audit by the Securities and Exchange Commission can be a significant undertaking for a small firm. During stressful times such as this, leaders should stay confident and set a positive example for others. To read the full article in Smart Brief, click: Preparing for an Unexpected SEC Audit. ...

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Another Crack in Bankruptcy Protection for Clients

Retirement assets received in a divorce settlement may be available to creditors, a federal court has ruled. The decision may have far-reaching consequences for clients. To read the full article in Financial Planning, click: Another Crack in Bankruptcy Protection for Clients. ...

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Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China

Apple is rushing to release an iOS update in China to resolve potential infringement of Qualcomm patents. The news follows a report stating that a Chinese sales ban of certain iPhone models would cost Apple millions of dollars a day. To read the full article in Cult of Mac, click: Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China. ...

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Trim Tax Tabs with These Year-End Moves: Tax Strategy Scan

With the year coming to a close, Kiplinger offers last-minute tips for retirees to enhance their tax savings this year. Clients nearing retirement will need to revise their tax-saving strategies, as some tax breaks are no longer available and replaced by new ones, thanks to the new tax law, according to Kiplinger. For example, these clients should consider running the numbers based on standard deduction and ...

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Advisor Shortage? What Advisor Shortage?

Excuse me, did Todd Thomson just say there too many financial advisors, not too few? Puncturing one of the RIA industry’s most widely-accepted axioms, the Dynasty Financial Partners chairman did indeed make that assertion at the recent MarketCounsel Summit in Las Vegas. Contrary to ominous reports of a talent shortage, Thomson said, too many advisors are serving too few clients. To read the full article in ...

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Google is Spending $1 Billion to Build a Massive New Campus in New York

Days after Apple announced a major expansion to its operations in the U.S.—including a new $1 billion campus in Austin—fellow tech giant Google has announced that it too will invest $1 billion as it sets up a new campus at Hudson Square in New York. To read the full article in Tech Crunch, click: Google is Spending $1 Billion to Build a Massive New Campus in New York. ...

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Brexit Bulletin: A Deal, and Then the Drama

The EU is making increasingly positive noises that a Brexit deal is within reach. But don’t breathe easy just yet—there are still battles to come when Prime Minister Theresa May brings her deal back to Parliament. To read the full article in Bloomberg, click: Brexit Bulletin: A Deal, and Then the Drama. ...

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