7.12.21 IRS delays / Promising news on Rx costs

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 12 July 2021

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Still waiting on your IRS refund? You’re not alone! The IRS Taxpayer Advocate has announced 35 million tax returns have not been processed. They’re severely short-staffed and refunds are delayed. Clark’s tax filing strategy to save you some trouble. / Promising news on the price of prescription medicine: A new program for prescription insulin has the potential to shake up the entire prescription marketplace! Clark discusses industry factors that affect the cost of meds, and reform initiatives. Ask Clark topics include: What Is an HSA Account and How Does It Work? / 529 Plans / Why You Should Never Use a Debit Card To Pay for Anything / What Is a Roth 401(k) and How Does It Work? - How To Open a Roth IRA / Roth IRA vs. Traditional IRA: What’s the Difference? / Homeowners Insurance \\ Want more money advice? Sign up for Clark’s free daily newsletter! Free Advice: Clark's Consumer Action Center Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's my pleasure to welcome you to the Clark Howard Show, our mission is to serve and empower
0:11.5	you so you make better financial decisions in your life.
0:16.0	Today's episode, are you still waiting on your refund from the IRS?
0:22.6	You are definitely not alone.
0:25.7	We also have some promising news on the price of prescription medicine.
0:31.6	So the IRS is getting a real black eye internally.
0:39.2	There's someone known as the taxpayer advocate that's the person inside the IRS that is there
0:47.4	to look out for you and me.
0:50.3	The taxpayer advocate says there are 35 million of us whose tax returns haven't even been
0:56.8	processed.
0:58.8	Returns that you are expecting to generate a refund for you, sitting and sitting and sitting
1:06.2	and sitting.
1:08.6	And you could beat up on the IRS all you want, but the reality is they're really short
1:13.6	staffed.
1:21.6	So they just don't have the people.
1:25.6	You call the IRS, I saw a story from the syndicated financial writer, Michelle Singletary, who
1:32.7	has her own issue with the IRS claiming she owes money she doesn't know.
1:38.6	And she writes her frustration about how impossible it is to reach someone when you need to talk
1:44.8	to them.
1:45.8	Do you know that even if you call repeatedly, you only have a three and a hundred chance,
1:53.3	only three out of every hundred taxpayers who need to talk with someone with the IRS,
1:58.8	even with repeated effort ever get to talk with a human.
	...

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