BUZZ. BUZZ. THE BUZZ IS BACK!
* Michael
Cohn reports “IRS starts refunds for tax returns claiming unemployment benefits”
at ACCOUNTING TODAY.
“The Internal Revenue Service is starting to
provide tax refunds to taxpayers who paid taxes on their 2020 unemployment
benefits that recent legislation later excluded from taxable income. . . .
The IRS said Friday it has identified more than 10
million taxpayers who filed their tax returns prior to enactment of the
American Rescue Plan and has been reviewing those returns to determine the
correct taxable amount of unemployment compensation and tax. That could result
in a refund, a reduced balance due or no change to tax (no refund due nor
amount owed).”
* Also from ACCOUNTING TODAY – "N.J. residents paythe most in lifetime taxes, W. Virginians the least” -
“Those living in New Jersey will pay on average a
grand total of $931,698, well above the $827,185 for Massachusetts residents
and $805,213 for Connecticut. Nationwide, Americans will pay $525,037 over
their lives, which includes taxes on income, property, cars and retail
spending, according to the study from financial technology company Self.”
Thankfully I now live in Pennsylvania.
* Kay Bell, the yellow rose of taxes, tells us “TN
disaster relief means May 17 isn't {wasn’t – rdf}Tax Day in 6 states" at
DON’T MESS WITH TAXES.
* Check out the annual top 10 “Bozo Tax Tips” from
Russ Fox at TAXABLE TALK.
Click here for #2 – 10 and here for #1.
- - - - - - -
I am off to the Jersey shore to recover from my 50th tax filing season later today! "Talk" to you when I get back.
TTFN
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