Financial planners

courtneyk | E+ | Getty ImagesAn audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community.The material, known as paper-filed information returns in accounting parlance, are sent yearly by employers and financial institutions, and cover taxable activity, such as W-2 forms, with copies sent to taxpayers and the IRS.The continued inability to process backlogs of paper-filed tax returns contributed to management's decision to…

Despite fears of outliving savings, most Americans still want to live longer, a study on longevity and retirement shows.Nearly 70% of Americans want to live to age 100, with 29 years as the "ideal length" for retirement, according to an Edward Jones and Age Wave report that polled 11,000 adults in the U.S. and Canada in January and February."We've been aware of longevity rising for some time," said Ken Dychtwald, founder and CEO of Age Wave. "But in the last year, there's been a lot more talk about it." More from Personal…

Morsa Images | E+ | Getty ImagesSoaring inflation, interest rate hikes and the war in Ukraine have sparked ongoing stock market volatility. But there may be a bright spot: the chance to save money on a Roth conversion.The strategy allows higher earners to sidestep the earnings limits for Roth individual retirement account contributions, capped at $144,000 modified adjusted gross income for single investors and $214,000 for married couples filing together in 2022.Here's how it works: Investors make what's known as…

Tom Werner | DigitalVision | Getty ImagesThe IRS may have the ability to automate nearly half of tax returns, according to a working paper from the National Bureau of Economic Research.The agency could correctly auto-fill an estimated 62 million to 73 million returns with information it already has, covering 41% to 48% of taxpayers, researchers from the U.S. Department of the Treasury, the Minneapolis Federal Reserve and Dartmouth College found."Our results suggest that pre-populated returns would be accurate for a…

FG Trade | iStock | Getty ImagesMore from FA Playbook:Here's a look at other stories impacting the financial advisor business."We all understand that markets go through cycles and recession is part of the cycle that we may be facing," said certified financial planner Elliot Herman, partner at PRW Wealth Management in Quincy, Massachusetts.However, since no one can predict if and when a downturn will occur, he pushes for clients to be proactive with asset allocations.Diversify your portfolioDiversification is critical when…