Monday, January 20, 2020
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* Kay Bell, the yellow rose of taxes, explains in detail “Who must file a 2019 tax return” at DON’T MESS WITH TAXES.
* And Kay also identifies “10 reasons to file a tax return even if you don't have to”.
Her #10 is something important – and something that most taxpayers would not think about (highlight is mine) –
“To start the audit statute of limitations clock ticking. Yes, audit rates continue to drop. But no one wants to be in that small percentage of filers whose form get picked for an extra IRS examination, which is what the agency calls the process.
The IRS generally can go back three years to look at your old tax filings. However, that tax audit clock doesn't start ticking until you actually file a 1040. So even if you didn't make quite enough to trigger the filing requirement, you might want to make sure the IRS can't come back, say, five years from now to ask about why you didn't file in 2019.”
* Jim Blankenship discusses the new “QCD anti-abuse rule” in “QCD after the SECURE Act” at FINANCIAL DUCKS IN A ROW.
* If you need to find a tax professional to prepare your 2019 tax returns you should check out the articles in the “Advice and Information” section of my website FIND A TAX PROFESSIONAL.
* From Robert W Wood at FORBES.COM – “IRS Forms 1099 Are Coming, Key Facts for Your Taxes”.
A reminder – if you did not receive a Form 1099 for 2019 income this does not mean you do not have to report the income. Taxable income of all types must be reported whether or not you receive a Form 1099.
* For those who are interested the TAX FOUNDATION identifies “State and Local Sales Tax Rates, 2020”.
* Michael Cohn reports “IRS improves online Withholding Estimator to reflect new W-4” at ACCOUNTING TODAY.
I have not checked this tool out, and really have no reason to, so I can’t speak to its effectiveness. I talk about filling out the new W-4 here.
* Ginita Wall answers the question “Are Your Political Campaign Contributions Tax Deductible?” at the INTUIT TURBO TAX BLOG.
The answer – “political donations are not tax deductible”.
* The FORBES.COM TaxGirl Kelly Phillips Erb tells us “IRS Issues Tax Guidance On Discharged Student Loans”.
* And KPE gives us the word on the “2020 Due Dates For Tax Forms Like Your W-2 & 1099 - And What To Do If They’re Missing”.
THE LAST WORD
This must continue to be said.
It is obvious to anyone with a brain that the Trump Presidency is a clear and present danger to the future of America and the world. As we approach primary season it is very, very important for Democrats to acknowledge this.
Absolutely NOTHING is more important in the 2020 Presidential election than removing Trump from the White House (assuming, as is expected, he survives the impeachment trial).
While the competence, experience, sincerity and integrity of a candidate is an issue in any election, no other issue is more important in 2020 than defeating Trump.
This is NOT the election to debate liberal vs conservative ideals and policies.
Democratic voters MUST choose the person who has the best chance of defeating Trump in the election. The Democratic candidate for President in 2020 MUST NOT give independent or anti-Trump Republicans and conservatives ANY reason to not vote for him or her.