The IRS backlog is still increasing.
According to Kate Dore of CNBC, as of May 31, the IRS still had 21.3 million unprocessed tax returns on its hands, which meant that many taxpayers would have to wait 10 months or longer for refunds.
But according to the Taxpayer Advocate Service, a nonpartisan monitor, the agency is still being “crushed” by the obscene backlog. Although over 90% of taxpayers submitted forms electronically last year, around 17 million sent paper submissions, which is the main cause of the backlog.
According to the government, processing the paper returns for 2021 is “approximately five months later” than usual. Although as of May it “had not yet achieved half” of that objective, the IRS “intended to hire 5,000 new staff” in March.
A national issue with medical debt
More than 100 million Americans have medical debt, which Noam Levey of Kaiser Health News described as “much more widespread than previously documented.”
According to a Kaiser and NPR study, significant sums of debt are “hidden as credit card balances, family loans, or payment plans to hospitals and other medical providers” that are eventually reported to credit bureaus.
While the severity of the situation varies greatly by state, financial problems are more pervasive in the South, where “insurance protections are weaker, many states haven’t extended Medicaid, and chronic sickness is more prevalent.”
In Florida, 16.8% of people have medical debt that is in collections, with a median debt of $1,006.
Compared to this, only 2.4 per cent of Minnesotans have medical debt, with an average debt of $425.
Small businesses are hampered by climate regulations.
The IRS still had 21.3 million unprocessed tax returns on its hands as of May 31, according to Kate Dore of CNBC, which indicated that many taxpayers would have to wait 10 months or longer for refunds.
However, the Taxpayer Advocate Service, a nonpartisan watchdog, claims that the organisation is still being “crushed” by the outrageous backlog.
Although over 90% of taxpayers last year filed their forms electronically, the majority of the delay was caused by 17 million paper submissions.
Processing paper returns for 2021 will take “roughly five months later” than usual, according to the government.
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According to Richard Vanderford in The Wall Street Journal, small firms may be affected by climate disclosure regulations.
Even though “small businesses that don’t trade on stock exchanges often don’t fall within the Securities and Exchange Commission’s purview,” the organization is thinking about requiring public companies to disclose “emissions in their whole supply chain.”
Smaller businesses and local suppliers, such as farms, maybe “saddled with a compliance load they won’t be able to handle,” according to this.
During the regulator’s open-comment period, 3,400 letters from businesses and campaigners were received, many of which expressed concern about “an axis-like pitch possible fear.
Small businesses worry that they could be excluded from supply chains in favour of bigger firms who have the means to record their emissions.”