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Confusion. Amnesia. New paperwork. Delays getting through to the IRS. These are some of the top pandemic-induced frustrations marking this tax filing season, both for tax preparers and their clients.

The IRS knows -- which means you should, too.

REAL ESTATE MATTERS | A 1031 exchange is a mechanism real estate investors use to defer federal income and capital gains taxes on the sale of an investment real estate property.

So many retirees budget for their ideal retirement but don’t always consider one piece of the puzzle that could easily derail a solid plan with the impact of inflation. As of January 2022, inflation hit a 40-year high as the Consumer Price Index increased to 7.5% , and everyone is feeling it when they go to the grocery store or fill up at the gas stations. SEE MORE The Inflation Hedge You’ve Never Heard Of If you are nearing or are in retirement, there are some strategies you can use now to navigate high inflation and make sure your plan is secure. Don’t Increase Your Risk with Your Savings Risk management is a big part of dealing with high inflation, especially now, but the closer you are to retirement, the less risky moves you want to make in the market. For example, if you meet with a financial professional to discuss ways to protect your retirement from inflation, and they suggest making drastic changes to your portfolio to give you a better chance of a higher rate of returns, that’s a big red flag.

Nearly half of all audits the IRS conducted in 2021 were aimed at the country''s poorest taxpayers, according to a new study that called the ratio unfair. The Transactional Records Access Clearinghouse (TRAC) said the IRS conducted nearly 660,000 audits in the last fiscal year, and about 307,000 of them …

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The IRS is trying to strip away excuses for millions of people who aren’t complying with the tax rules on cryptocurrencies.

Subscribe FREE wherever you listen: Apple Podcasts | Google Podcasts | Spotify | Overcast | RSS Links and resources mentioned in this episode: IRS Free File: Do your Taxes for Free How to File Your Taxes for Free IRS Free File fillable forms Extending Financial Planning’s Reach About CFP Board: History CFP Board: Center for Financial Planning PODCAST: Why Pay Money to File Your Taxes? Child Tax Credit FAQs for Your 2021 Tax Return CFP Board: Kamila Elliott bio Foundation for Financial Planning The Financial Fiduciary Standard Explained Transcript: David Muhlbaum: At Kiplinger, we talk to a lot of Certified Financial Planners. They give us guidance on the best practices they’re using for their clients, and other insights into personal finance. But today, we’re going to talk to the woman who is, in a way, in charge of all of them, and how she’s working to make CFPs a more diverse group. Also, ways to file your taxes for free, all on this episode of Your Money’s Worth . Stick around. David Muhlbaum: Welcome to Your Money’s Worth .

Many people are surprised to learn that Social Security benefits can be taxed. After all, why is the government sending you a payment one day and asking for some of it back the next? But if you take a closer look at how the federal tax on Social Security is calculated, you''ll see that many people actually don''t pay any tax on their Social Security benefits. SEE MORE How 10 Types of Retirement Income Get Taxed There''s no federal income tax on Social Security benefits for most people who only have income from Social Security. Thanks to the highest cost-of-living adjustment in 40 years, the average monthly Social Security check for a retired worker in 2022 is $1,658, which comes to $19,896 per year. That''s well below the minimum amount for taxability at the federal level. On the other hand, if you do have other taxable income — such as from a job, a pension or a traditional IRA — then there''s a much better chance that Uncle Sam will take a 50% or 85% bite out of your Social Security check.

In mid-February, privacy and digital rights activists were buzzing about a recent victory: Earlier in the month, the Internal Revenue Service said it would back away from a controversial plan to force taxpayers to use facial-recognition software before they could log in to its website.

The IRS has announced the establishment of the first-ever Taxpayer Experience Office. Led by Ken Corbin, the new office will focus on “all aspects” of taxpayer interactions with the IRS.

Retirement planning is a key component in holistic financial preparation for you and your family. However, many people find themselves nearing retirement age with little to show for their many years of work. While it may feel like you are heading toward retirement without the necessary tools in place to provide for yourself, don''t panic. SEE MORE The 4 Phases of Retirement The good thing about retirement planning is that until the day you retire, you can prepare and optimize, based on the current state of the economy, for potentially greater return. Even if you''re over 60, it isn''t too late to start. In order to maximize your retirement savings and live the life you desire, implement these strategies: Diversify Your Portfolio One of the most important facets of long-term investment success is portfolio diversification . This entails having a portfolio with stocks, bonds and other investments, and then diversifying within each of those categories. This is a hedge against losses, and it is an important strategy to boost performance.

The private-equity firm CEO played a key role in a transaction that allowed billionaire Robert Brockman to move $635 million offshore without paying taxes, IRS court filing shows

Robert Smith, the private-equity firm CEO, played a key role in a transaction that allowed billionaire Robert Brockman to move $635 million offshore without paying taxes, IRS court filing shows.