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.
According to Noam Levey of Kaiser Health News, more than 100 million Americans have medical debt, which is “far more widespread than previously recognised.”
Significant amounts of debt are allegedly “hidden as credit card balances, family loans, or payment plans to hospitals and other medical providers,” which are then reported to credit reporting agencies.
Financial difficulties are more widespread in the South, where “insurance protections are weaker, many states haven’t extended Medicaid, and chronic illness is more frequent,” even though the severity of the condition varies greatly by state.
With a typical debt of $1,006 in Florida, 16.8% of people have medical debt that is in collections. Only 2.4 per cent of Minnesotans, with an average debt of $425, have medical debt in comparison to this.
Climate restrictions are a barrier to small enterprises.
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.
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.
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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 organizations and advocates were received, many of which had “a tone closer to existential dread.”
The supply chains of small businesses worry that they would be abandoned “in favour of larger companies with the means to record their emissions.”
