* Oi vey! Russ Fox tells tax professionals “IRS Considering Extending 2021 Tax Season” at TAXABLE TALK.
Russ says, “The IRS is requesting that tax professionals contact their local stakeholder liaison express their opinion.”
Here is the email I sent my local Stakeholder Liaison Office –
“Dear Stockholder Liaison:
I understand that the IRS is asking tax professionals to contact their local Stakeholder Liaison office and comment on the possibility of extending the initial deadline for filing individual tax returns and paying any tax liability due again in 2021.
I have been preparing federal and state income tax returns since February of 1972. I oppose extending the initial 2021 filing season beyond April 15th. I do not want to encourage taxpayer procrastination nor do I want to extend the stress to tax pros of the filing season.
I would not oppose some kind of extension of the time to pay an outstanding tax liability penalty and interest free for a COVID-related reason, or a blanket extension of the date at which the IRS begins to assess a penalty for late payment of any outstanding tax liability.”
* Did you know “Answers to tax questions arejust a few clicks away on IRS.gov”?
Regardless of what you may think of the IRS, its website is full of valuable information and resources, as are most state tax agency websites.
* Check out last Friday's post from FRIENDS OF THEATRE AND ART.
* An interesting question from Robert Farrington at FORBES.COM – “How Early Can You File Your Taxes To Get Your Tax Refund?”.
Obviously - “Americans cannot legally file their tax returns for the prior year until January 1st, meaning you cannot file your taxes for 2020 until January 1, 2021.”
Don’t be in such a hurry to file your tax return. Be sure you have received all of your information statements – W-2s, 1099s, 1098s, K-1s, etc. – and have all the information you need before giving your “stuff” to your tax professional. And remember – if you have a brokerage account you will probably get at least one “corrected” consolidated Form 1099 statement in early March.
But, of course, also do not wait until the last minute – even if you think you will owe tax.
* Sorry, New Jersey, but you're the least tax-friendly state in the country for retirees. So says KIPLINGER.COM in its list of “10 Least Tax-Friendly States for Retirees”.
Delaware tops the list in the “10 Most Tax-Friendly States for Retirees”.
You can find your home state in the “State-by-State Guide to Taxes on Retirees”.
THE LAST WORD
I very sincerely believe it is literally impossible for anyone with a brain, a conscience, or any concern for American values and democracy to support and defend Trump.
The extent of Trump’s continued support is a sad commentary on the lack of intelligence and character of too many Americans and too many politicians.