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Tax Day is approaching quicker than you might think, and if you haven’t started to get organized, now is the time – especially with potential legislative changes looming on the horizon. I sat down with my colleague Jeremiah Barlow , Head of Family Wealth Services at Mercer Advisors, to discuss major tax trends for the 2021 tax season, and what unexpected hurdles to watch out for with the proposed Build Back Better Act in 2022. Q: At a high level, what are the main tax issues you expect to be a major focus in 2022? Jeremiah: From my perspective, there’s a lot of angst about whether the tax changes that were proposed in 2021 – in the Build Back Better Act – will ultimately carry forward into this year. If so, when do they go into effect, and will they be retroactive? SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines For example, recent interest has been about the timing of Roth conversions of traditional IRAs. Roth IRAs are popular retirement savings tools, as the growth of the assets and future withdrawals from the account are tax-fee as long as certain criteria are met.

Americans are receiving tax refunds every day. Find out when to expect your payment.

Like everyone else, farmers and fishermen must pay federal income taxes throughout the year as they earn income. If those taxes aren''t paid through withholding from wages or other sources, quarterly estimated tax payments are typically required. If Uncle Sam doesn''t get paid on time, you could be looking at a stiff IRS penalty. However, if at least two-thirds of your gross income is from farming or fishing, there are a couple of loopholes that let you adjust the normal timetable for making estimated tax payments or avoid them altogether. SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines First, qualifying farmers and fishermen can pay all the estimated tax they owe with just one payment if the payment is made by the due date for the last quarterly payment of the year. For the 2021 tax year, the last payment was due January 18, 2022 (it''s due January 17, 2023, for the 2022 tax year). Second, qualifying farmers and fishermen don''t need to make any estimated tax payments at all if they file their personal income tax return for the year by March 1 of the following year and pay any tax owed at that time. (Note: If it falls on a Saturday, Sunday or legal holiday, the March 1 due date shifts to the next business day.) March 1 Estimated Tax Deadline Pushed Back for 2021 Tax Returns According to the IRS, taxpayers are having a difficult time electronically filing Form 7203 , S Corporation Shareholder Stock and Debt Basis Limitations .

IRS investigators assigned to a task force targeting Russian oligarchs are using a variety of techniques to identify and freeze sanctioned property, with capabilities that include untangling bundles of cryptocurrency meant to obscure their ownership…

The cost of failing to report — or incorrect reporting of — proceeds from crypto-related activities could be extremely high if the IRS gets you in its crosshairs.

The cost of failing to report — or incorrect reporting of — proceeds from crypto-related activities could be extremely high if the IRS gets you in its crosshairs.

A backdoor Roth IRA allows taxpayers to set up a Roth IRA even if their income exceeds the IRS earnings ceiling for Roth ownership.

A group of bipartisan lawmakers is pressing the IRS for answers regarding "numerous" concerns amid a challenging tax season.

The Internal Revenue Service (IRS) offers tax relief to people affected by natural disasters. What forms of tax help exist, and how do you qualify?

The Delaware computer repair shop owner who alerted the FBI to Hunter Biden''s infamous laptop says he''s faced harassment from Big Tech, the IRS and other government agencies ever since.

Taxes are on the minds of many this time of year with the filing deadline looming. But too often, people think about taxes only on a one-year-at-a-time basis, forgetting or putting off the need to adjust their strategy for future years – most importantly, their retirement. SEE MORE Retiring Early? A New IRS Rule Could Mean More Money in Your Pocket As you prepare for your non-working years, it’s important to consider the burden taxes can pose in retirement. Being proactive and developing a tax-efficient strategy is especially important for those who will retire soon. If you have a tax-deferred retirement account (IRA, 401(k), 403(b), SEP, etc.), you unfortunately have an account that has one of the same features as a variable-rate mortgage. At any point, the IRS can change the rate (here, though, it is the tax rate rather than the interest rate). Some financial professionals think that given our growing national debt , tax rates will likely go up at some point in the next few years – rising from the historically low rates we have now.

It’s taking the agency an average of nearly 200 days to respond to taxpayers contesting a math error notice.

More federal stimulus checks aren’t coming, but the IRS is making every effort to ensure that those who haven’t yet claimed their stimulus payments do so. The IRS is now offering new guidance to help Americans claim their extra money. However, this new guidance is not for any direct coronavirus stimulus checks, but rather, for […]

IRS Publication 590: Individual Retirement Arrangements (IRAs) refers to an IRS document that outlines rules for Individual Retirement Arrangements.

''Working tirelessly to process backlogged returns''