Kendrick's Tax & Accounting

Though the IRS closed most physical operations in March, the mail kept coming. That meant up to 12 million pieces of mail got backed up in IRS processing centers. When IRS workers returned to work, they resumed normal duties, which included the issuance of overdue tax notices. But some of that money was already sitting in the stacks of mail. So, in response to the public outcry, the IRS has now stopped sending those notices.... **However, if you were alerted to overdue taxes by an earlier notice and haven't yet paid, you do still need to take care of that. If you don't, the old mail has been processed, you will get a correctly-issued tax due notice ... and owe a lot penalties and interest.

Still no guidance from the IRS about the payroll tax "holiday" (deferral), so it's extremely unlikely that your employer will be ready -- simply because the major payroll companies don't have the answers to many questions. This means you might not see any savings on your paycheck from this in early September. If it were a "suspension" of the payroll tax (and not a deferral), things would be much simpler ... but the President can't do that at the stroke of a pen -- that's a Congressional matter (separation of powers, and whatnot). So, don't look to this very much as a financial help just yet.

Rather than looking to outside forces to save your financial bacon, what can you do THIS WEEK to find more financial margin? Are there expenses you can cut, additional revenue streams to add (a second/third/fourth job, selling things around the house, etc.), other resources you can tap? We know ... for some, these are unrealistic options for many possible reasons. These are not easy times. But regardless, we have a choice: we can either stew in our juice about hard things "ou...t there" ... or we can take positive action today to do something about it for ourselves and our family. And remember, you've got us in your corner.

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There is GOOD NEWS all around us, if we look for it ... and create it. https://bit.ly/2Q4AQRu