The IRS wants you to “disclose” if you do not have at least ‘‘substantial authority’’ for your tax position. Disclosure is more than the usual listing of income or expense. It is simply an extra explanation. How much extra varies considerably, not only in legal requirements but also in practice. Sometimes, the IRS says disclosure is required. You might be claiming legal expenses for a fight with your siblings over an heirloom. Or you might be claiming that you had an ordinary loss rather than a capital one when stock became worthless. When To Disclose There are almost infinite circumstances…

We are more than four months into President Trump’s term. He has proposed numerous policy changes and implemented some. Many of these changes represent fundamental departures from those of his predecessors. It is natural to be concerned about how such significant changes might affect the economy, your financial plan, and investments. It is also natural to be concerned because many of these changes reflect a worldview different from that of the previous administration and indeed from those of most recent administrations. To the extent that the administration’s worldview differs dramatically from yours, these policy changes could seem like a distressing…