WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

Once again, a day late but not a dollar short.

 

* Also once again, like Oliver Twist New Jersey is last on the list of the TAX FOUNDATION’s “2022 State Business Tax Climate Index”.

 

“New Jersey, for example, is hampered by some of the highest property tax burdens in the country, has the highest corporate income taxes and among the highest individual income taxes in the country, has a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation’s worst-structured individual income taxes.”

 

* If you have not already read my post “America’s Greatest Threat” yet now is a good time to do so.

* Dana Anspach, CEO and founder of Sensible Money, and Julio Lopez-Brito, a financial planner with Sensible Money, explain “Everything You Need to Know About Required Minimum Distributions” in an interview at THE STREET.

 

* Also at THE STREET Drew Reynolds discusses “Investing in Qualified Opportunity Zones” -

 

“Qualified Opportunity Zone investments can be attractive to investors seeking to defer capital gains. Here are 7 potential benefits.”

 

I am surprised more investors are not taking advantage of this opportunity.

 

* Michael Cohn reports “IRS makes more progress on tax return backlog” at ACCOUNTING TODAY (highlight is mine) -

 

“ . . . as of June 10, it had processed more than 4.5 million of the more than 4.7 million individual paper tax returns received in 2021.”

 

They are referring to 2020 Form 1040s (and 1040-SRs) - so it has taken up to 14 - 16 months to process a 2020 manual return.

 

I am still waiting for my 2021 refund, mailed in February of this year.  Hopefully I will not have to wait 10+ more months.  The only positive is that Sam will pay me 5% interest – much more than I would get in the bank.

 

*  Kay Bell also deals with the subject in “IRS expects to finish processing 2021 filings this week” at DON’T MESS WITH TAXES.

TTFN