Tuesday, July 19, 2022

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

 

FYI – it appears the IRS has begun to issue refunds for 2021 returns.  One person, who mailed his 2021 paper federal return to the IRS on February 15th, told me one day last week the “Where’s My Refund” tool told him “you may have entered wrong info” and the next day it indicated his 2021 refund was approved.

 

* Michael Cohn reports on a bill in Congress that I would support at ACCOUNTING TODAY – “Democrats introduce bill to provide freetax filing through IRS” -

 

The Tax Filing Simplification Act would direct the IRS to develop a free, online tax preparation and filing service that would allow all taxpayers to prepare and file their taxes directly with the federal government instead of being forced to share private information with third parties. It would actually prohibit the IRS from entering into agreements that restrict its ability to provide free online tax preparation or filing services.”

 

Before I retired from preparing 1040s, I refused to use flawed and expensive tax preparation software to submit my clients’ federal income tax returns, and I refused to use the IRS Free File program because it required taxpayers to use commercial vendors like Henry and Richard, so I could not electronically file federal returns.  I was able to electronically submit client NJ-1040 returns because the NJ Division of Taxation provided free electronic filing directly to the NJDOT on its website.

 

* According to the NJ Division of Taxation NJ has a “Sales Tax Holiday for Certain Retail Sales” -  

 

The Sales Tax Holiday takes place between August 27 through September 5 of 2022. Sellers should not charge Sales Tax on eligible items when purchased during the Sales Tax Holiday.”

 

The “holiday” applies to “retail sales of computers, school supplies, and sport or recreational equipment when sold to an individual purchaser for non-business use.”

 

* More news for NJ residents, from a recent email notice I received from the NJ Division of Taxation.
 
A new Property Tax Relief Program is replacing the previous Homestead Benefit program. The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program will benefit a large number of homeowners and includes tenants.
 
Homeowner benefit amounts will be $1,500 for taxpayers with 2019 gross incomes up to $150,000 or $1,000 for those with 2019 gross income above $150,000 but no higher than $250,000.
 
Tenants with 2019 gross income up to $150,000 will qualify for a $450 benefit. Applications will be available this fall, and the deadline for submission is December 30, 2022. The benefit will be paid no later than May 2023.”


THE LAST WORD


There has NEVER been ANY time from 2015 through 2020 when Donald Trump was EVER an intelligent, rational or acceptable choice for any political office – least of all President.


There has NEVER been an intelligent, rational or acceptable reason for ANYONE to ever listen to, believe, defend, and support Trump.


While I certainly appreciate and am thankful that, as we have learned in the January 6th hearings, there were lines that some people were unwilling to cross, I denounce the fact that these people ever supported and enabled Trump in the first place..


TTFN















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