Dr. Friday Radio Show – June 5, 2021

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday shares all the latest tax updates, and talks over the following topics:

Updates On Tax Return Status

The IRS Is Holding Refunds for EITC

What To Do If You Haven't Received Your W2 From Your Employer

Get Forgiveness For Your PPP Loan

What Taxes Payments To Make If You've Sold Property or Inherited Property

How To Flip A Home Without Paying Taxes

Second Quarter Payments Coming Up On June 15, 2021

What's The Difference Between EIDL and PPP Loans?

Do You Need Help With Tax Representation?

Tax Extensions Expires October 15, 2021

How To Find Your Stimulus Check

and other caller's questions! Transcript Announcer 0:01 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. She's the how-to girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:30 Good day, I'm Dr. Friday and the doctor is live-in house. So if you've got questions you can join us today at 615-737-9986 is the number here in the studio, you can give us a call, let you know what's happening. Probably the biggest thing that's been happening more than anything is phone calls to my office asking about updates on tax return statuses. You know, once a day, at least you know everything. I have a guy that says, "Every day I check once a day at 6 a.m." He emailed and said no status change just says that they're processing. Dr. Friday 1:11 I am going to say the IRS is holding refunds for the EITC, which is the earned income which some people isn't always available to them, they may have claimed them in the past, maybe they're not supposed to. Also, for the EIDL loan or the stimulus money that you may have been requesting. Again, they have to match it up because in some cases, maybe the money was provided to an ex-spouse and was received in cash. In some cases, children that were claimed in one year, and then claimed by another spouse or person in the next year, the person that reclaims in the first year got the money the other person filed on their tax return said they never received the money. So who's supposed to get it and when? You know, and the IRS is kind of coming back and saying if this happened if for some reason your spouse playing the children. Dr. Friday 2:07 And some of my clients claim every even year and then their spouse does every odd year. And if you didn't file your taxes as fast as possible, or even if you have the money came out like on March 12, or 15th was when they started issuing the third stimulus. And then the second one was like December 29, or something like that. So they base them on the prior year. Even though a lot of people think of the second stimulus as a 2021 stimulus, it was still based on 2019 tax returns is still based on 2019 tax returns. And then 2020, which we filed on or before May 17, was then moved on to that section. So it really just comes down to the government's basically not going to get between husbands and wives or people that have divorced and have children. They're pretty much coming up straight out saying, "This is the situation, this is how we're going to deal with it. We're not going to if the money is already been cashed to provide it to for those children." Dr. Friday 3:17 And then I've got other people that say, "Yeah, my husband got it, and then I got it again." So I don't know how that's going to come back. If there's going to be any recourse again, my understanding is the IRS is not going to come back and ask for additional money that is paid to people that didn't qualify. So if you're looking for your refund, and if you have earned income credit and/or stimulus money, then I will say that in th