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

Sorry to be so long in getting it up – this BUZZ installment that is.
 
* TaxGirl Kelly Phillips Erb lists “Six Ways to Help Your Clients Reduce Their Children’s Taxes” at her BLOOMBERG.COM blog.
 
I especially like the second way – something I have been advising readers for years now – “Have Their Children Invest in a Roth IRA”.
 
* Check out the new TAX PLANNING RESOURCE CENTER.  And please share with friends, family and colleagues.
 
* Professor Annette Nellen provides some “Observations on the Inflation Reduction Act of 2022” at 21^st CENTURY TAXATION.
 
* Kay Bell, the yellow rose of taxes, does a good job of “Comparing education tax credits” (i.e. the American Opportunity Credit and the Lifetime Learning Credit) at DON’T MESS WITH TAXES.
 
* And also from Kay – some good news from the IRS.  Kay reports “IRS refunding $1.2 billion to millions who faced COVID-related late-filing tax penalties” -
 
“ . . . the agency announced that it will provide tax penalty relief to most people and businesses who file certain 2019 or 2020 returns late.
 
It's also taking steps to help those who already paid these penalties.
 
That's nearly 1.6 million taxpayers, according to the IRS count. They will automatically receive more than $1.2 billion in refunds or credits.”

The relief applies to the failure to file penalty – assessed at 5% of the tax paid with the late filed return per month up to a maximum of 25% - for 2019 and 2020 individual (Form 1040 and 1040-SR), estate and trust (Form 1041) and corporate (Form 1120) returns.

 
If you have not yet paid any penalties assessed for 2019 or 2020 returns you don't have to do anything - just don't pay the assessment.  Those who have already paid penalties that qualify for the relief do not have to ask for a refund – a refund of abated penalties will automatically be issued.  Do not write or call the IRS.
 
THE LAST WORD
 
I will continue to say this.
 
If you are not part of the solution you are part of the problem.
 
If you do not vocally and aggressively oppose, denounce and disavow Trump, his lies and today’s Trump-embracing and Religious Right-controlled Republican Party you are part of the problem.
 
TTFN