Monday, November 30, 2020

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


 * Russ Fox explains that taxpayers need to have patience regarding IRS filings and correspondence in “When 5 ½ Months Seems Fast” at TAXABLE TALK -

On February 4th clients of mine mailed their 2018 tax return to the IRS. This particular return could not be electronically filed. They mailed it certified mail. It took nearly a full month to get from Las Vegas to Ogden, Utah. On March 1st it was received.

 

And then nothing…until today.

 

The IRS shows the return was processed today, November 23rd.”

 

The current situation -

 

Per IRS Commissioner Rettig, there are 1 million unprocessed tax returns, 6.8 million returns “in process,” and 3 million pieces of unopened mail. Or a child could be conceived and born faster than whatever it is you’re sending to the IRS is responded to.”

 

Taxpayers have always needed patience when dealing with IRS correspondence.  As I have been explaining to clients for some time now –

 

Within 45, 60 or 90 days of sending a letter to the IRS you will receive an acknowledgement of receipt from the Service telling you they need 45, 60 or 90 days to property review and respond to the letter.  After 45, 60 or 90 days you get a second letter telling you they need an additional 45, 60 or 90 days.

 

* As giving season begins “Here’s how taxpayers can check if their charitable donation is tax deductible”.

 

* Check out last Friday's post from FRIENDS OF THEATRE AND ART.

 

* Kay Bell tells us about a new IRS form in “Use Form 8915-E to report, repay COVID-related retirement account distributions” at DON’T MESS WITH TAXES.

 

* And Kelly Phillips Erb wants you to “Share Your Favorite Charity for the 12 Days of Charitable Giving” at her TAXGIRL blog.

 

* William Perez discusses how the IRS chooses a return for audit or for review and what to do to minimize your chances of being audited or questioned in “Preparing Your Tax Return to Avoid Getting an IRS Review Letter” at THE BALANCE.

 

The most important tip Bill provides -  

Using a tax professional is probably the most effective safeguard against receiving an IRS notice.”

THE LAST WORD

 

After Trump leaves the White House in January, hopefully voluntarily, he MUST be investigated on all levels for his multitude of illegal acts and indicted, prosecuted, convicted, and incarcerated.

 

He MUST be held accountable and punished as a warning to potential future “Trumps”.  

 

TTFN














 

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