Monday, June 29, 2020
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* From the NTA Blog - “Keep an Eye on Your Mailbox: Millions of Backlogged Notices Are Being Mailed Over the Next Few Months, Some Reflect Expired Action Dates. But Don’t Panic, See Inserts Providing Extended Due Dates”
* Kay Bell reminds us that the “White House stimulus letter is an official IRS tax document you need to save” at DON’T MESS WITH TAXES.
The stimulus payment you received is NOT taxable income, but is “reconciled” when filing your 2020 Form 1040 (or 1040-SR) – you may be able to get an additional payment as a refundable credit on your 2020 tax return.
* Peter J Reilly “New August 31 Deadline To Return Required Minimum Distributions” -
“Notice 2020-51 grants relief. To the extent distributions taken from IRA and other retirement plans would have qualified as required minimum distributions - including those made prior to April 1 for people who turned 70 1/2 in 2019 to cover the 2019 RMD you now have until August 31 to put the money back. The move will not count as the one allowed rollover per year, so you may still do a rollover for some other purpose.”
* Jeff Stimpson reports “Tax deadlines extended for tornado victims” at ACCOUNTING TODAY -
“Victims of the April tornadoes, as well as the storms and flooding in Mississippi, Tennessee and South Carolina have until October to file various federal individual and business returns and make tax payments.”
* According to the IRS (here) -
“Interest on individual 2019 refunds reflected on returns filed by July 15, 2020 will generally be paid from April 15, 2020 until the date of the refund. Interest payments may be received separately from the refund. By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly. The interest rate for the second quarter, ending on June 30, 2020, is 5% per year, compounded daily. The interest rate for the third quarter, ending September 30, 2020, is 3% per year, compounded daily.”
THE LAST WORD
Trump’s words and deeds are not “political” In nature in terms of a political philosophy or political beliefs.
Trump’s words and deeds come exclusively from his pathological need for attention, acknowledgement and adoration, his delusions of grandeur, and his intense desire to be a dictator or monarch.
Trump’s words and deeds are not those of a rational or mentally stable person.
If ever in our history the application of the 25th Amendment was called for it is today.