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

FYI – I had hoped to be able to discuss what is new on the 2020 New York state income tax returns – Forms IT-201 and IT-203 – by now.  But, according to the New York Department of Taxation and Finance website, “"2020 income tax forms will be available mid-February 2021."  So, since I cannot actually review the 2020 forms I cannot post on the changes.
 
* Kay Bell, the yellow rose of taxes, reports “TIGTA finds problems with private tax collection levels, payment plans and security” -
 
“A recent Treasury Inspector General for Tax Administration (TIGTA) report says that the private tax debt collectors currently under IRS contract have brought in just a fraction — 1.79 percent of the total value of accounts — of the $30 billion in unpaid tax they've been assigned since 2017.”
 
Using private collection agencies is truly a bad idea for a multitude of reasons.  Past attempts have been similarly unsuccessful – but Congress believes that if at first you don’t succeed try again and again and again despite the results.
 
Here is what I have said about outside collection agencies in the past -
 
“Why should the government not outsource tax collection to private agencies? 
 
The Internal Revenue Service, and state tax agencies, have an ethical, and I believe legal, obligation to make sure that alleged outstanding debt is properly and correctly assessed.  They have a fiduciary responsibility to the Nation, or the State, and its taxpayers to be fair, equitable, and ethical in the administration of tax collection.  They must investigate taxpayer claims that debt, penalties and interest was assessed erroneously.
 
Outside collection agencies don’t give a rat’s arse about the legitimacy of an alleged outstanding tax debt.  They only make money if they collect money, whether the money is actually due or not.  And they will continue to unethically harass alleged tax delinquents, as they do when collecting alleged private debts, and as they been proven to have done in prior outsourcing programs.”
 
* William Perez tells you how to set up a “Capital Gains Tax Calculation Worksheet” at THE BALANCE.
 
* Help yourself save on taxes and help the Actor’s Fund at the same time.  Check out my latest post at FRIENDS OF THEATRE AND ART.  
 
* KIPLINGER.COM reports on good news for those with student loan debt in “Biden Extends Student Loan Relief, Is Loan Forgiveness Next?”.
 
As the sub-headline explains – “On his first day as president, Joe Biden continued the suspension of student loan payments until October”.
 
* Bob Carlson identifies “Mistakes IRA Beneficiaries Are Making After The SECURE Act” at FORBES.COM.
 
* Haven’t received your second stimulus payment yet.  Michael Cohn explains “Treasury plans efforts to deliver missing stimulus payments” at ACCOUNTING TODAY.
 
TTFN