Or you can watch the commissioner testify here on CSPAN
https://www.c-span.org/video/?509965-1/irs-commissioner-rettig-testifies-tax-filing-season&vod=&star...
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OMG - If I have to watch/listen to that I will fall sound asleep.
Should we start betting on whether they'll change the EST #1 for 2021 to 5.15.21 at some stage?
I just got finished "catching up" on that online. He seemed pretty adamant about not extending anything beyond 5/17 and not extending 1Q-ES payments beyond 4/15. His argument was normally on 4/15 they pull a bunch of people off the phones to deal with correspondence. Now that will have to wait a month so anyone stuck in limbo (a.k.a. the "backlog") awaiting problem resolution will likely be stuck for 30 days longer because the people who can help them will be too busy answering the phones. Not sure I buy it, but that's what was for sale. I'm sure there's some truth to it.
He was quite confident that the IRS can simply recompute already-filed tax returns once they get the unemployment data from the states, which is due 3/31.
That still won't help anybody who needs a superseding return to change filing status from MFJ to MFS if they were screwed by the $150K MFJ MAGI limit. IMO those will still need to be paper filed by the due date.
I'm glad I have you to listen to this for me.....thanks, Rick.
Actually he waffled a bit on recomputing returns already filed with unemployment included in income. He said IRS would notify everyone, including the Committee, if it turned out not to be possible. And he mentioned, somewhat mysteriously, that determining the exclusion on joint returns might be an issue.
So here's a question for Lisa, who prepares joint returns in a community-property state. You have one spouse with $18,000 of unemployment on a 1099-G. Is that $9,000 apiece as community income? What would you do? What do you think IRS will do? They don't even know where the taxpayers lived all year. Could have moved to California in January 2021.
He said they deliberately did not extend Q1 2021 estimated tax payment deadline because rich people don't make their payments and invest the money instead. IRS didn't want to give them a break on interest and penalties.
In the hearing Rep Smucker from PA asked on behalf of a CPA constituent and Rettig said no and said it curtly. HIs argument was that it can't be done as wealthy would game the system. When Rep asked about penalties for small taxpayers that can't get those estimates calculated to pay as returns are being delayed, Commish said call IRS and ask for abatement.
I did not feel the love from the Commish.
<smh> Just call us, we answer the phone almost 25% of the time this year!
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