Tax Code Should be ‘Tossed Out,’ Expert Tells Senators
At a tax reform hearing, suggestions ranged from raising standard deductions to scrapping the whole tax code and starting from scratch.
Senate Finance Passes 17 Tax Bills
Changes to REITs, enrolled agents and small insurance companies are included in the package.
Senators Move to Make Internet Tax Ban Permanent
Without the Internet Tax Freedom Act, “access to information would no longer be tax-free,” says Sen. Ron Wyden, a co-author.
Key Congressional Committees Get New Leaders
The start of the new GOP-controlled Congress brings with it new faces to key congressional committees that hold sway over a variety of issues impacting advisors.
Paid Tax Preparers Should Be Regulated, Consumer Groups Say
More than half of all tax returns are prepared by paid tax preparers, only 40% of whom are subject to mandatory professional standards, coalition says.
Illinois Enacts Nation’s First Required Retirement Plan Law
In what is a first for the nation, the State of Illinois this month passed into law a requirement that most employers must offer automatic retirement savings programs.
Obama Signals Support for DOL Fiduciary Redraft
As both sides gird for battle over the DOL measure, expected to be released any day now, the White House appears ready to lend support.
Obama’s State of the Union Financial Proposals Draw Praise, Criticism
Industry trade groups and lawmakers were quick to weigh in on Obama's plans, or lack thereof, on cybersecurity, Dodd-Frank, taxes and entitlement reform.
Illinois OKs Roth IRA-Style Retirement Plan
ASPPA applauds the law, which will require employers with 25 or more workers to offer private retirement plans or use the state program.
Senators Make Push to Regulate Tax Preparers
The Taxpayer Protection Act of 2015 requires preparers to demonstrate competency in preparing tax returns, claims for refunds and related documents.