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

*  FYI, I have updated my post of “Answers” to questions about 2019 returns and refunds and the 2020 stimulus payment.

Please pay special attention to #9.

* IR-2020-97 announces “IRS adds phone operators to answer Economic Impact Payment questions”.

* For small business owners, the NATP BLOG explains “Everything you need to know about Healthcare Reimbursement Arrangements”.

* Kelly Phillips Erb, the FORBES.COM TaxGirl, continues to keep us up-to-date on the economic stimulus payment.  Here is some new information – “Nearly 4 Million Stimulus Checks Will Go Out By Prepaid Debit Card Starting This {actually Last – rdf} Week”.

  

* Even though we have been told the IRS has opened some offices and begun to process returns, Russ Fox of TAXABLE TALK and some of his clients are still waiting “Patiently” for their refunds.  And Russ’ clients submitted their returns electronically. 

Things don’t look as good as I thought they were for manually filed returns requesting refunds.

And Russ is “not optimistic about correspondence sent to the IRS.”

* Russ and his clients, and mine as well, may need patience, according to this related update from the CHARLESTON GAZETTE-MAIL – “As the backlogged IRS struggles to open mail and answer the phone, taxpayers face long delays”.

“The staffing shortage will prolong delays — refunds for paper tax filers, responses to amended tax returns, returns frozen after they were flagged for identity theft. The Austin office is backed up with 250,000 paper-heavy requests for identification numbers from foreign-born taxpayers who are not eligible for Social Security numbers.”

* Attention tax pros – “The IRS Nationwide Tax Forum Will Be Virtual for 2020!”

* The TURBO TAX BLOG discusses “How to Use Market Losses to Reduce Your Taxes”.

A word of warning.  Now is not the time to sell.  Do not panic sell investments that have gone down in value due to the pandemic unless you do not think they will recover.  Be patient.  Most stable investments will eventually rebound, possibly to their pre-virus levels.  Now may actually be the time to buy and NOT sell.

And some advice I have been giving for years.  If you check your portfolio value every day and stress and worry whenever something goes down you should NOT be investing in the stock market.

* The TAX FOUNDATION explains that, surprisingly, “In Some States, 2020 Estimated Tax Payments Are Due Before 2019 Tax Returns”.

I am surprised that the deadline for the first quarter is July 15^th but the deadline for the second quarter remains June 15^th in so many states, including New York and New Jersey.

THE LAST WORD

Let’s be honest –

Anyone who actually thinks Trump knows what he is doing, Trump knows his ass from a hole in the ground about anything, or Trump cares about anyone or anything other than himself, and anyone who actually listens to a word Trump says about the virus or anything else, is a complete moron. 

And anyone who recognizes Trump is an unfit narcissistic moron but continues to support him has no conscience and, like Trump himself, does not care about anyone or anything but himself or herself.

TTFN