Tax numbers Feed

Photo via Office of the U.S. Postal Service Inspector General One of the downsides of the Internal Revenue Service closing most of its offices earlier this year as a COVID-19 precaution was that taxpayer returns piled up. And it was a huge pile of mail, estimated at one point to be more than 12 million pieces. Some of that snail mail stack included tax payments. But since they weren't recorded, the compliant taxpayers still got automated tax-due notices. To the agency's credit, when it realized it was sending out erroneous notices demanding already delivered money, it stopped. But now, the... Read more →


Image by Daniela Hartmann via Flickr I joked on Twitter last week that coronavirus pandemic self-isolation has gotten to me so much that I'm considering buying all the gadgets whose ads keep popping up in my feed as holiday gifts. OK, I half joked. I've always tended to shop online anyway. COVID-19 has just moved me from 95 percent to 100 percent in that direction. And some of the items really are interesting. C'mon, admit it. You, too, wouldn't mind having a solar-power bird bath fountain or a pocket-sized, snowflake-shaped multi-tool. These items are even more appealing when you realize... Read more →


Photo by Antonio Quagliata via Pexels.com The presidential election countdown clock it quietly ticking. In most national election years, the tax plans of the candidates get a lot of attention. Obviously, 2020 is not most years. Other things — OK, one thing, COVID-19 — have been the focus on the campaign trail. But it's still worth looking at the tax implications of a possible change in the Oval Office. GOP vs. Democratic plans: The Trump Administration will look to make permanent at least some of the Republicans' 2017 tax reform measure. The White House also has hinted at expanding some... Read more →


A panoramic view of the University of Colorado's Folsom Field. The school has a deal worth more than $1.6 million dollars with an Australian sportsbook. (Photo by MECU via Wikipedia Commons) I hope your college football teams did better than mine did yesterday. I also hope that if you placed any bets on any National Collegiate Athletic Association (NCAA) games, your selections netted you some extra cash. My aforementioned reference to the sad play of my teams is why I don't bet on sports, college or pro. But many people have been wagering legally on amateur college competitions since the... Read more →


Earlier this month, the Internal Revenue Service implemented a push to encourage folks who didn't get COVID-19 economic relief payments to touch base with the tax agency to see if they're due any of this money. Overall, nearly 9 million individuals, or 8,863,344 to be exact, might be eligible for the stimulus help. That's a maximum of $1,200 per person, double that for married couples filing joint tax returns, plus $500 for each qualifying child. Millions of these economic impact payments, or EIPs, were sent automatically to qualifying individuals who had filed tax returns for the 2018 or 2019 tax... Read more →


Most states' final quarter of fiscal year 2020 took a revenue hit due to the COVID-19 pandemic. But their annual tax collections, which were probably mostly electronic instead of as official state quarters, wasn't as bad as many had feared. (Photo — and coin collection — by Kay Bell) Most states wrapped up their 2020 fiscal year (FY) on June 30. As you might expect, those annual financial numbers were affected by the COVID-19 pandemic. What is surprising, however, is that states' revenue situations weren't as bad as many had feared given the tax issues created by the coronavirus. Fourth-quarter... Read more →


Man signing papers (Photo by Andrea Piacquadio via Pexels.com) The Internal Revenue Service continues to go more digital, at least temporarily to make filings easier as we continue to deal with the effects of the coronavirus pandemic. Late last month, the IRS announced 10 forms that previously had to be signed in ink on their printed paper version. You can read about this first group of forms to be granted digital signature status in my Aug. 28 post. On Sept. 10, the tax agency added another six forms to the digital signer list. They are: Form 706, U.S. Estate (and... Read more →


It's Labor Day weekend. This holiday usually is time for end-of-summer revelry, with a little leftover celebration of the workers whose efforts are recognized on the first Monday of each September. This year's a bit different. Social distancing during the coronavirus pandemic have, for the most part, limited the usual three-day weekend parties. As for the workers, COVID-19 also means more attention is paid this year on those who aren't laboring because they lost their jobs. COVID-19 response work ramifications:Health decisions by states, several of which reacted to the novel coronavirus earlier than Uncle Sam, led to widespread business closures... Read more →


If you live in Ireland and are thinking of playing a little fast and loose when it comes to taxes, make sure no one is looking. That could be harder than you think. Judging from government statistics, tax evasion reports from the public continue to increase. Last year, nearly 6,000 people filed so-called good citizen reports with Irish Tax and Customs, that nation's version of the United States' Internal Revenue Service. More reports in last five years: These alerts of suspected (or known) tax evasion or other illegal activity have grown exponentially since mid-2015. That's when Irish tax officials began... Read more →


Almost 14 million U.S. taxpayers are getting a few extra dollars from Uncle Sam. If you're one of them, you can thank the Internal Revenue Service and the COVID-19 changes to the 2020 filing season. Pandemic tax season timing tweaks mean that these regular refund recipients also will be getting some interest — an average of $18 — in addition to their expected tax-back amounts. Interesting deadline days: The IRS announced the upcoming interest payments back in late June. Now it's making good on that promise, which was necessitated by this year's Tax Day delay. The postponing of the filing... Read more →


Photo via Office of the U.S. Postal Service Inspector General And the crazy that is COVID-19 tax season 2020 keeps on coming. The recent buzz on tax social media was/is about Internal Revenue Service balance-due notices that arrived in folks' mailboxes. However, the people who got the notices did file on time and did pay when they filed. So what gives? The problem, in most cases, is that the payments were/are stuck in the agency's huge — 10 million pieces — U.S. Postal Service mail backlog. Since those initial concerns were aired on social media (thank you #TaxTwitter!), things seem... Read more →


Donald J. Trump announced on Aug. 8 four executive actions to provide COVID-19 relief in the wake of the stalled Congressional talks. (White House photo via Twitter) By now everyone knows that Donald J. Trump decided to literally take COVID-19 relief into his own hands yesterday. Sitting at table in a meeting room at his Bedminster, New Jersey, golf club, surrounded by media and club members who served as a smaller surrogate rally crowd to cheer him and boo the reporters, Trump sign four executive actions. One was a formal Executive Order. The other three were memoranda. He and his... Read more →


Remember the Michigan man who lost his property because he underpaid by $8.41 the overdue real estate tax bill? The state's highest court says the how the tax sale of Uri Rafaeli's house was handled was wrong, at least as far as the transaction's proceeds. Because of that finding, the Michigan Supreme Court said Rafaeli, an 85-year-old retired engineer, is due financial compensation for the loss of his home to the tax collector. That means Rafaeli soon should be depositing more than $24,000 from the county. High Court speaks: "[G]overnment shall not collect more in taxes than are owed, nor... Read more →


Classic television's Cleaver family, circa 1960. (Photo via Wikipedia Commons) Senate leaders and U.S. Treasury Secretary Steve Mnuchin promise they'll release next week the Republican response to the Democratic House's already approved next round of COVID-19 relief payments. Until then, we're still speculating on what will be in the counter proposal. It's a safe bet, however, that it will contain a second round of direct payments. The first payments, created by the Coronavirus Aid, Relief and Economic Security (CARES) Act that became law in late March. What's not clear, though, is who would qualify for this additional stimulus money. Halfway... Read more →


Image courtesy SimpsonsWorld via Giphy.com Do you remember your first phone number? I'm talking about the one when you were a kid. The one you parents made you memorize in case you needed to call home for any reason. For younger folks, that's not a problem. But when you reach a certain age, not that I'm confessing to any chronologically specific range, those early memories tend to fade. Despite that natural process, some of us still remember our childhood phone numbers. You'll have to trust me on my numerical recall. I'm leery enough of hackers, con artists and other assorted... Read more →


July truly is April this year, at least as far as my personal budget. Some of our insurance payments are quarterly. That means every April, we have to come up with that money, as well as cash to cover the first quarter of our estimated taxes. The Internal Revenue Service's calendar when it comes to its second quarter estimated tax payment doesn't strictly follow the Gregorian calendar. Uncle Sam's tax collector wants the tax year's second Form 1040-ES and payment in June. My main estimated tax explainer discusses the timing of these payments, but below is a quick look from... Read more →


Do you have a big tax bill, but are down to your last bottom dollar? That's the worry of many taxpayers in this coronavirus-affected filing season. But you do have payment options. (Photo by cottonbro via Pexels) Tax Day 2020 is rapidly approaching and a lot of taxpayers are not ready for it. It's not just their Form 1040 filing that's an issue. They are concerned about paying any tax that's also due on this year's July 15 due date that was postponed by coronavirus precautions. The audit defense company TaxAudit reports that more than a third — 37 percent... Read more →


A recent government survey found most people are spending their COVID stimulus money on necessities, like food. (Photo by Anna Shvets from Pexels) What did you do with your COVID-19 economic impact payment (EIP)? If you're like most of the folks who responded to a U.S. Census Bureau survey, you used it to pay household bills. Many in the White House and on Capitol Hill had hoped the funds would help jump-start the stalled economy and then keep it going as businesses started to reopen. Looks like that's a big sorry on both counts. Instead, it appears, at least in... Read more →


There are an estimated 72 million fathers in the United States, according to the U.S. Census Bureau's latest complete data, which is for 2014. Last year, say the country's official statisticians, around 24 million of these men were in married relationships where they and their spouses were raising children younger than age 18. Another 2 million men in 2019 were single fathers. On Father's Day 2020, these men doing the critical child care job alone earn this week's By the Numbers honors. First dad's day for single pop: That last figure also is notable not just because of recognition by... Read more →


Thousands more Internal Revenue Service employees are will be back in their offices this month, starting Monday, June 15. They're the second wave of IRS staff to return to work after the agency in mid-March sent more than half of its 81,000 staff home as a way to help slow the spread of COVID-19. More than 10,000 IRS workers in Kentucky, Texas and Utah were called back on June 1, primarily to deal with the million-plus pieces of U.S. Postal Service mail that had piled up in their absence. Those returning to their offices tomorrow are IRS personnel in Georgia,... Read more →