A truly “meaty”
BUZZZ for Friday the 13th!
I may be moving the BUZZ posting day from Tuesday to Friday.
* It looks like the IRS backlog goes on. A recent Treasury Inspector General for Tax Administration (TIGTA) report found “Backlogs of Tax Returns and Other Account Work Will Continue Into the 2023 Filing Season”
* KIPLINGER.COM provides a detailed listing of “When Are Taxes Due in 2023? Tax Deadlines by Month”.
Your 2022 Form 1040 (or 1040-SR) and state tax returns, Form 4868 GDE request (the “E” is for extension) and 1st Quarter 2023 federal and state estimated tax payments are due April 18, 2023.
* A timely, and important, tax tip from the IRS – “Taxpayers should hang up if tax season scammers come calling”.
The IRS will NEVER initiate contact with a taxpayer via telephone or email. And, as the tip points out –
“The IRS will never:
· Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes.
· Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.
· Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
Call unexpectedly about a tax refund.”
* The first BOBSERVATIONS of 2023 lists the main policies of “Today’s Republican Party”.
* FYI – The JOURNAL OF ACCOUNTANCY has a “Filing season quick guide — tax year 2022” that you can download.
More detailed information on 2022 and 2023 tax numbers are available at my TAX PLANNING RESOURCE CENTER.
* Howard Gleckman asks an interesting question at the Tax Policy Center’s TAXVOX BLOG – “Why Would Politicians Make It Harder To File Tax Returns And Easier To Cheat?” -
“Once they finally pick a Speaker, the very first bill House Republicans will adopt likely would make it harder for the IRS to help taxpayers file their returns and easier for tax dodgers to cheat. It doesn’t seem like very smart branding, but what do I know?
Of course, that’s not how the House GOP is framing its coming vote to reverse nearly all of the 2022 Inflation Reduction Act’s (IRA) $80 billion increase in the IRS budget over the next decade. It says it is trying to prevent 87,000 armed IRS agents from harassing innocent taxpayers. While this oft-repeated claim resonates among some on the political right, it has little connection to reality.”
Looks like this action is in line with most of today’s Republican policies (I,e, has little connection to reality).
I expect the deplorable Republicans in Congress will not be able to stop this additional IRS funding.
* Oops, they did it again. NJ has once again extending the filing deadline for its new ANCHOR property tax benefit – “Governor Murphy Announces Extended Deadline for Renters and Homeowners to File for ANCHOR Property Tax Relief Program” –
“Applicants Now Have Until February 28, 2023 to Claim Up to $1,500 in Relief.”
* At FORBES.COM Robert W Wood reports “IRS Extends April 18 Tax Deadline To May 15 For California Storm Victims”.
* On Wednesday National Taxpayer Advocate Erin M. Collins today released her “2022 Annual Report to Congress” -
“The main focus of this year’s report is the elephant in the room – the continuing customer service challenges taxpayers are experiencing and the negative impact of the filing season backlog. Last year, I reported that the period since the start of the COVID-19 pandemic has been the most challenging that taxpayers and tax professionals have ever faced. The bad news is that taxpayers and tax professionals experienced more misery in 2022. The good news is that since the close of the 2022 filing season, the IRS has made considerable progress in reducing the volume of unprocessed returns and correspondence. We have begun to see light at the end of the tunnel. I am just not sure how much further we need to travel before we see sunlight.”
The report identifies the most serious problems encountered by taxpayers and makes recommendations to strengthen taxpayer rights and improve tax administration. Here are some recommendations from the report taken from various places on the report website of important note, and with which I agree -
· “Simplifying the Code is the most important step Congress can take to reduce taxpayer compliance burdens. Simplification is essential to the integrity of the U.S. tax system and will enhance voluntary compliance.
· Create robust and accessible online accounts with functionality comparable to that of private financial institutions and through which taxpayers and practitioners can access, download, and upload material information.
· Adjust Individual Estimated Tax Payment Deadlines to Occur Quarterly
· Developing an IRS-run direct e-file option.”
For years I have been calling for the IRS to allow taxpayers, and preparers, to submit individual income tax returns directly to the IRS free of charge via the IRS website (without needing commercial software), similar to the way the NJ Division of Taxation allows NJ taxpayers to electronically submit their NJ-1040 free of charge directly to the Division online.
* Do you need to find a qualified and experienced tax professional to prepare your 2022 tax returns? Go here to get valuable advice and information before you begin your search.
THE LAST WORD –
Attention true conservatives and "traditional" Republicans - being a "loyal Republican" does NOT mean "My Party, right or wrong".
Today’s Republican Party cannot depend on morons and racists alone to win elections. They need to count on loyal “traditional” Republicans putting Party above country.
Your loyalty should NOT be to the name "Republican" but to the conservative values and principles that today's Republican Party has totally abandoned.
You must vocally oppose, denounce, disavow, and remove from office today’s Republican Party leadership and the current Republican members of Congress, and work to nominate and elect candidates who truly represent true conservative and “traditional” Republican policies and values.
TTFN
I may be moving the BUZZ posting day from Tuesday to Friday.
* It looks like the IRS backlog goes on. A recent Treasury Inspector General for Tax Administration (TIGTA) report found “Backlogs of Tax Returns and Other Account Work Will Continue Into the 2023 Filing Season”
* KIPLINGER.COM provides a detailed listing of “When Are Taxes Due in 2023? Tax Deadlines by Month”.
Your 2022 Form 1040 (or 1040-SR) and state tax returns, Form 4868 GDE request (the “E” is for extension) and 1st Quarter 2023 federal and state estimated tax payments are due April 18, 2023.
* A timely, and important, tax tip from the IRS – “Taxpayers should hang up if tax season scammers come calling”.
The IRS will NEVER initiate contact with a taxpayer via telephone or email. And, as the tip points out –
“The IRS will never:
· Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes.
· Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.
· Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
Call unexpectedly about a tax refund.”
* The first BOBSERVATIONS of 2023 lists the main policies of “Today’s Republican Party”.
* FYI – The JOURNAL OF ACCOUNTANCY has a “Filing season quick guide — tax year 2022” that you can download.
More detailed information on 2022 and 2023 tax numbers are available at my TAX PLANNING RESOURCE CENTER.
* Howard Gleckman asks an interesting question at the Tax Policy Center’s TAXVOX BLOG – “Why Would Politicians Make It Harder To File Tax Returns And Easier To Cheat?” -
“Once they finally pick a Speaker, the very first bill House Republicans will adopt likely would make it harder for the IRS to help taxpayers file their returns and easier for tax dodgers to cheat. It doesn’t seem like very smart branding, but what do I know?
Of course, that’s not how the House GOP is framing its coming vote to reverse nearly all of the 2022 Inflation Reduction Act’s (IRA) $80 billion increase in the IRS budget over the next decade. It says it is trying to prevent 87,000 armed IRS agents from harassing innocent taxpayers. While this oft-repeated claim resonates among some on the political right, it has little connection to reality.”
Looks like this action is in line with most of today’s Republican policies (I,e, has little connection to reality).
I expect the deplorable Republicans in Congress will not be able to stop this additional IRS funding.
* Oops, they did it again. NJ has once again extending the filing deadline for its new ANCHOR property tax benefit – “Governor Murphy Announces Extended Deadline for Renters and Homeowners to File for ANCHOR Property Tax Relief Program” –
“Applicants Now Have Until February 28, 2023 to Claim Up to $1,500 in Relief.”
* At FORBES.COM Robert W Wood reports “IRS Extends April 18 Tax Deadline To May 15 For California Storm Victims”.
* On Wednesday National Taxpayer Advocate Erin M. Collins today released her “2022 Annual Report to Congress” -
“The main focus of this year’s report is the elephant in the room – the continuing customer service challenges taxpayers are experiencing and the negative impact of the filing season backlog. Last year, I reported that the period since the start of the COVID-19 pandemic has been the most challenging that taxpayers and tax professionals have ever faced. The bad news is that taxpayers and tax professionals experienced more misery in 2022. The good news is that since the close of the 2022 filing season, the IRS has made considerable progress in reducing the volume of unprocessed returns and correspondence. We have begun to see light at the end of the tunnel. I am just not sure how much further we need to travel before we see sunlight.”
The report identifies the most serious problems encountered by taxpayers and makes recommendations to strengthen taxpayer rights and improve tax administration. Here are some recommendations from the report taken from various places on the report website of important note, and with which I agree -
· “Simplifying the Code is the most important step Congress can take to reduce taxpayer compliance burdens. Simplification is essential to the integrity of the U.S. tax system and will enhance voluntary compliance.
· Create robust and accessible online accounts with functionality comparable to that of private financial institutions and through which taxpayers and practitioners can access, download, and upload material information.
· Adjust Individual Estimated Tax Payment Deadlines to Occur Quarterly
· Developing an IRS-run direct e-file option.”
For years I have been calling for the IRS to allow taxpayers, and preparers, to submit individual income tax returns directly to the IRS free of charge via the IRS website (without needing commercial software), similar to the way the NJ Division of Taxation allows NJ taxpayers to electronically submit their NJ-1040 free of charge directly to the Division online.
* Do you need to find a qualified and experienced tax professional to prepare your 2022 tax returns? Go here to get valuable advice and information before you begin your search.
THE LAST WORD –
Attention true conservatives and "traditional" Republicans - being a "loyal Republican" does NOT mean "My Party, right or wrong".
Today’s Republican Party cannot depend on morons and racists alone to win elections. They need to count on loyal “traditional” Republicans putting Party above country.
Your loyalty should NOT be to the name "Republican" but to the conservative values and principles that today's Republican Party has totally abandoned.
You must vocally oppose, denounce, disavow, and remove from office today’s Republican Party leadership and the current Republican members of Congress, and work to nominate and elect candidates who truly represent true conservative and “traditional” Republican policies and values.
TTFN
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