* 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.
TTFN
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