The 23 top tax stories of 2023

December 28, 2023 8:00 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

As their clients celebrate the holidays and ring in a new year, financial advisors and tax professionals know that those festivities will soon give way to important planning questions.

Some of Financial Planning's most important tax stories in the past year display the many strategic topics involved with paying Uncle Sam, such as withdrawals from retirement savings accounts, planning for higher education expenses, key IRS guidance, the financial side of marriage and the potentially expiring provisions of the Tax Cuts and Jobs Act.

For 23 of FP's top tax-related stories in 2023, scroll down the slideshow. To see the biggest tax stories of the first half of the year, click here. And for last year's list, follow this link.

Cheatsheet for the end of the year

One of the best times for financial advisors and tax professionals to display their value to clients comes at the end of the year, according to more than a half dozen experts.

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30 tax questions to answer by the end of the year

Borrowing to pay taxes

Some affluent Americans pay Uncle Sam by using an established wealth-building strategy: borrowing from their bank. Wealth management clients with hefty stock and bond portfolios have long used their holdings as collateral for loans to bankroll their dreams, from buying a beach vacation house to acquiring a 1963 Ferrari GTO.

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How the wealthy borrow cheap cash to pay their taxes

Taxing retirement account withdrawal decisions

Take a dive into all of the issues involved with Americans draining their 401(k) accounts to meet immediate needs and the potential decumulation plays for clients in retirement.

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Cashing out 401(k) accounts: the new retirement crisis

Strategies for 529 plans and those in student loan debt

Saving for a child's college tuition and expenses with a 529 plan comes with an array of strategic questions. For clients who weren't fortunate enough to be able to afford the price of higher education without going into debt, even more complexities may come to the fore.

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Nearly two-thirds of 529 accounts leave big money on the table. Here's why

Secure 2.0 questions

The SECURE 2.0 Act created more opportunities for retirement savings while adding a layer of technical difficulty to other areas.

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7 tax-planning provisions in SECURE 2.0

In other IRS news

Greater scrutiny and enforcement cases against wealthy tax dodgers in general and the troubled "employer retention credit" remain at the top of the agenda for the IRS.

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Fraud flood leads IRS to halt employer tax credit

Big tax court cases

Here are a couple of the most interesting cases in tax court this year.

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Tax court ruling on 'Masters' or 'Augusta' rule offers cautionary tale

Tax planning for married couples

In the movies, couples get married and live happily ever after. In real life, they tie the knot and confront many difficult financial quandaries.

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5 challenges of estate planning with couples

Gen X retirement readiness

It's getting to be prime pre-retirement time for those born between 1965 and 1980 and now aged 43-58.

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Gen X's pedal-to-the-metal moment in saving for retirement

A list of lists

Bookmark these lists of tips from experts for ideas and insights on health savings accounts, M&A deals, homeownership, self-employment and the Tax Cuts and Jobs Act.

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Tips for using a 'medical IRA' that offers triple the tax savings