Once again, a day late but not a dollar short.
* Also once again, like Oliver Twist New Jersey is last on
the list of the TAX FOUNDATION’s “2022 State Business Tax Climate Index”.
“New Jersey, for example, is hampered by some of
the highest property tax burdens in the country, has the highest corporate
income taxes and among the highest individual income taxes in the country, has
a particularly aggressive treatment of international income, levies an
inheritance tax, and maintains some of the nation’s worst-structured individual
income taxes.”
* If you have not already read my post “America’s Greatest Threat” yet now is a good time to do so.
* Also at THE STREET Drew Reynolds discusses “Investing in Qualified Opportunity Zones” -
“Qualified Opportunity Zone investments can be
attractive to investors seeking to defer capital gains. Here are 7 potential
benefits.”
I am surprised more investors are not taking
advantage of this opportunity.
* Michael Cohn reports “IRS makes more progress on tax return backlog” at ACCOUNTING TODAY (highlight is mine) -
“ . . . as of June 10, it had
processed more than 4.5 million of the more than 4.7 million individual paper
tax returns received in 2021.”
They are referring to 2020 Form
1040s (and 1040-SRs) - so it has taken up to 14 - 16 months to process a 2020
manual return.
I am still waiting for my 2021
refund, mailed in February of this year.
Hopefully I will not have to wait 10+ more months. The only positive is that Sam will pay me 5%
interest – much more than I would get in the bank.
* Kay Bell also deals with the subject in “IRS expects to finish processing 2021 filings this week” at DON’T MESS WITH TAXES.
TTFN
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