JSG Arnold LLC

Friends, please becareful out there. Don’t accept any request purported to be from me. The image here is not from me. I did not update my profile to Ben Azunna Jr.

It's Tax Day 2021 (for most). You know what that means.

Hopefully your docs are all wrapped up by now. If you're not ready and you need more time, you can have it -- but you do have to file an extension by today. Give us a call if you need help.

There is a major funding shortfall in the Restaurant Revitalization Fund (RRF) program that kicked off last Monday. Congress allocated only $28.6B for the program, but in less than 10 days, the applications submitted exceeded $65B in requests for aid.

The first tier of funding was allocated for eligible businesses owned by women, veterans and socially and economically disadvantaged individuals, but those applications alone totaled $29B, which means there is nothing left over for any remaining applicants.

We don't know what will happen yet -- if Congress will allocate more funds or not. But we will keep you updated.

In the meantime, if you haven't yet submitted your application for aid from the RRF, you should do so immediately. The application portal is still open, as of this posting.

In 2018, over 8.9M people paid penalties to the IRS because they didn't prioritize filing their taxes.

Yikes.

Don't let this be you. We're available to help, even if you're already in hot water.

Hoping to speak to the IRS by phone about your problematic tax situation? Don't hold your breath.

Taxpayers have recently made 46.3M phone calls to the IRS, but just 4.4M (9.5%) have been answered.

These are the sorts of calls (and wait times) we handle for taxpayers with IRS problems.

If you're still waiting on your 2019 refund (that's 2019, not 2020)...

It's not you, it's them.

Missing your 2019 tax refund? The IRS still has millions of returns to process, according to new report Fewer IRS staff members, tax law changes and a lack of functioning printers have created a backlog of millions of 2019 individual returns.

This is your final reminder to make arrangements for your 2020 taxes, which are due next Monday, May 17. We can help you with that, or at least get an extension filed on your behalf. Reach out for help if you need it.

Don't forget to celebrate mom this weekend (Sunday is Mother's day). Here are a few discounts available to help make it special and take a few things off her to-do list.

Happy Mother's Day!

15 food freebies and restaurant deals for Mother’s Day From heart-shaped pizza to free mimosas, show mom how much you appreciate her this Mother’s Day.

A 2008 study found that 40% of people have experienced some sort of financial loss due to procrastination.

- Putting off that call to your mortgage broker can mean paying higher mortgage payments for the life of your home loan.
- Failing to make that 60-second call to HR could mean missing out on the 50% company match into your 401k.
- Delaying that call to your tax professional could mean paying penalties to the IRS (ahem...).

Do just about anything late with regards to the IRS, and you will most certainly take a financial hit in the form of penalties, accumulated interest, lost tax credits, etc.

If you're procrastinating on dealing with any tax matters in particular, take the bull by the horns right this second -- yes, right now -- and schedule a meeting with us to get things taken care of.

If you received any unemployment compensation in 2020, you should have received a Form 1099-G to report this income. The IRS wants us to remind you to double check that form and make sure it's correct, as there have been some issues in this arena.

On the flip side, if you did not receive unemployment in 2020 but received a 1099-G from the state for it, that's also a problem. Unfortunately, there has been a high level of unemployment fraud in the past year because of the increased benefit payments. You're definitely going to want to contact the state unemployment insurance office to get this corrected.