Sound Money Newsletter from August 27, 2021
This is a preview of Sound Money, Forbes’ free weekly newsletter about pressing issues that matter to your financial well-being: personal finance, investing, taxes and retirement. Click here to get it delivered to your inbox on Thursdays. While it’s been overshadowed by other grim events, the Biden Administration has been busy implementing a piecemeal approach to the student debt burdening many Millennials and Gen Zers — and even older folks. In the last week or so, the White House has announced key student loan relief for three specific groups: disabled people who are unable to find gainful employment, former or current active-duty military members and people defrauded by the schools that got their loan money. Read on for details, plus the latest on child tax credit scams, racial disparities in retirement benefits and more. Need to file a Tax Court petition? Brace yourself for a long wait as the court remains swamped with nearly twice last year’s number of petitions. There’s a good chance that “IRS Robots” bear a large share of the responsibility for this backlog. Meanwhile, even if you’re not fighting with the IRS, you may want to check whether your tax practitioner is taking information security seriously: here are five red flags to watch out for. Speaking of red flags, the FTC recently reported more than 67,000 tax-related scams in the first half of 2021, and the IRS is warning families about new tax scams targeting families who expect to receive the monthly child tax credit payments.
