The BUZZ returns to Tuesday this week, due to yesterday’s date-sensitive post.
Let’s begin with an FYI - the IRS will soon begin sending out Letter 6475 to people who received a third economic stimulus payment a year ago. The letter says, “Your Third Economic Impact Payment” near the top and "Letter 6475” on the bottom.
It is very very important that you save this letter and give it to your tax preparer with your 2021 tax “stuff”!
* Over at THE STREET Allison L. Lee explains “How New IRS Life Expectancy Tables Affects 2022 RMDs” –
“As of January 1st, the IRS expects you to live a little longer. And even better, it could result in a smaller tax bill.”
* Andy Ives discusses the rule of “One IRA Rollover Per Year – Based on Distributions” at THE SLOTT REPORT.
* Roger Russell tells us “Practitioner coalition urges IRS to step up for tax season” at ACCOUNTING TODAY.
Topping the list of what the coalition wants the IRS to do echoes what I said the service should have done back in 2020 -
“Discontinue automated compliance actions until the IRS is prepared to devote the necessary resources for a proper and timely resolution of the matter.”
Click here to see a copy of the letter.
* From TaxGirl Kelly Phillips Erb at her BLOOMBERGCOM blog - “Here’s What You Need to Know About the Upcoming Tax Season”
* According to DELMARVA NOW “Maryland extends state tax filing deadline into July” (highlight is mine) -
“Comptroller Peter Franchot announced Wednesday that the filing and payment deadline for 2021 Maryland state individual income taxes has been extended by three months — to Friday, July 15, 2022 — to assist taxpayers facing financial difficulties due to the COVID-19 pandemic.”
* Russ Fox provides more proof that the IRS it totally FU-ed in “Hug Your Tax Professional: The IRS Is At It Again” at TAXABLE TALK – three instances of recent IRS errors related to notices sent to his clients.
It will take a very long time for the IRS to recover from its wrong decision to completely shut down for too many months in 2020 and its inability to properly deal with the resulting consequences. Sadly, taxpayers and tax professionals should expect continued delays and FUs by the Service throughout 2022.
BTW – I really don’t want any hugs (social distancing, please).
* Michael Cohn reports “IRS begins requiring new ID system for accessing online accounts” at ACCOUNTING TODAY -
“The Internal Revenue Service has
implemented a new verification process for taxpayers who want to access their
online tax accounts and self-help tools that includes taking a selfie and
submitting a photo of their driver’s license or passport to a third-party
service, ID.me.”
Say cheese!
* The NJ Division of Taxation website has posted a page that briefly describes the provisions of the New Jersey College Affordability Act (highlight is mine) -
“Beginning with Tax Year 2022 (filed in 2023), the New Jersey College Affordability Act allows for three Income Tax deductions on New Jersey returns with a gross income of $200,000 or less.”
THE LAST WORD
I do not believe the so-called “evangelicals” of the religious right should be called “fundamentalist Christians”. They are neither fundamentalist nor Christian.
The dictionary tells us a “fundamentalist” is “a person who believes in the strict, literal interpretation of scripture in a religion”. The religious right chooses to believe only those specific examples of scripture that appear to reinforce and verify their personal prejudices and bigotry, while totally ignoring all other scripture.
And they are not truly Christian. A “Christian” is 1. one who professes belief in Jesus as Christ or follows a religion based on the life and teachings of Jesus, or 2. one who lives according to the teachings of Jesus”. The evangelicals clearly do not support or practice the actual teachings of Jesus.
TTFN
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