Lund & Guttry LLP

36917 Cook Street Suite 102, Palm Desert, CA 92211

 

Phone:  760-568-2242

Fax:      760-346-8891

  

Website: www.lundandguttry.com

November 2021

November 2021 Short Bits

Short Bits

IRS LIVE
Have you had trouble reaching a live person when you call the IRS? That’s partly because of an historic number of callers during the 2021 filing season. The IRS received 85.1 million calls on its toll-free 1040 phone line. Compare this figure with 7.3 million and 12.1 million calls for the 2019 and 2020 filing seasons. In 2021, only about 3% of callers reached a live customer service representative.


HELP WANTED
Over half (54%) of small business owners say they have personally had to work more hours or take on more roles to make up for staffing shortages, according to a survey by the U.S. Chamber of Commerce. Nearly half of small businesses are struggling to find candidates with the right mix of skills and experience. And about three-quarters plan to do something different, like increase pay or offer flexible working arrangements, to attract new talent.


FINANCIAL ENFORCEMENT
According to The Financial Industry Regulatory Authority (FINRA), in 2020, it referred 970 fraud and insider trading cases to the SEC and other federal and state law enforcement agencies for prosecution. It completed over 5,600 exams and reviews of registered broker-dealers and assessed $57 million in fines while securing $25.2 million in restitution to harmed investors. It suspended 375 brokers for violations or misconduct and barred 246 from continuing practice.


COST OF GOODS SOLD
The costs of making US coins in 2020 decreased from 2019. The US Mint reported that it costs $0.0176 to produce and distribute a penny in 2020, down from $0.0199 in 2019. It costs $0.0742 to make a nickel and $0.0373 to make a dime. Quarters have the highest price tag at $0.0862 each. It cost $0.0901 to make a quarter in 2019.


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