So I received this in the mail yesterday - must admit on the long walk from the mailbox to the house I was like "A letter from the IRS? Oh no.... what went wrong?" It didn't really LOOK like a tax notice but it's 2021 so yes, I jumped to the "whatever can go wrong, will" mindset. I was relieved to see it was just the summary of the 2nd economic impact payment. Please hang onto this and provide it to your tax preparer as appropriate. As the letter shows, it's not taxable income, but depending on a few circumstances, if you didn't get the full-on initial credit you may be eligible to pick up any remaining benefit due you on your 2020 tax return. Messy? Yup. And I have a hunch there will be a kajillion notices generated over the remainder of 2021 about claiming any remaining credits on the 2020 tax return. But I was my own illustration - yes, the pulse rate and blood pressure ramped up a bit when I saw the IRS name and return address on the envelope. One, we're all human and these issues are a bit stressful. Even if it had been a 'for real' tax notice - the next important part is not to freak out. And ultimately as I continue to build relationships with clients and friends, I can't emphasize enough that this whole stress reduction thing is a huge part of why I'm doing what I'm doing. My favorite words over the years have been to the effect of "Yeah - I got this in the mail - figured I'd give it to Stan and he'll take care of it." So yes, if you have seen or do receive one of these - do hang onto it. And if you get anything else from our friends at the IRS or state taxing authorities - feel free to give it to Stan - and I'll do everything I can to map out a drama-free path to resolution. It's the IRS, so it's not like everything always goes magically well - but if I can help reduce a mountain of stress to a molehill, I'm all about it. Have a blessed day -
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