Important Updates

July 30, 2021

By Tim Courtney, Chief Investment Officer

Teleconference Preview: What’s Next for the Rest of 2021?

As we embark on the second half of 2021, we will be hosting our semiannual client teleconference to break down market activity and areas of opportunity moving forward.

Please join us on Tuesday, August 3 at 12:00 p.m. ET/11:00 a.m. CT. The Zoom link and dial-in information for the teleconference are outlined below.

Zoom Link: Here
Passcode: 281276
Telephone Dial In:
(253) 215-8782 or (346) 248-7799 or (669) 900-6833
Webinar ID: 853 3051 9515

During the call, the investment team will share our market and economic outlook for the remainder of the year. Our equity and fixed income managers will also weigh in on the current environment and particular factors we are watching that could affect those assets moving forward.

Following the presentation, we will open the discussion to questions submitted both before and during the teleconference. Please feel free to send any questions you may have in advance to tcourtney@exencialwealth.com. We look forward to speaking with you!

Please Read: IRS Delays

We are also writing to inform you of some recent issues millions of Americans and tax practitioners are facing with the IRS. The IRS computer system automatically generates tax notices, which can range from a simple “tax due” letter to menacing threats to levy your wages and accounts.

We are seeing an increasing number of incorrect tax notices claiming:

1. You did not request an extension by the return due date; therefore, the IRS is unable to grant you an extension of time to file your return.
2. You have past due 2020 taxes and must pay your balance immediately.
3. You have possibly been subject to identity theft and need to verify your identity with the IRS.

According to this blog post by the Taxpayer Advocate Service, an independent organization within the IRS, “As of April 10, 2021, IRS employees have answered about two percent of the roughly 70 million taxpayer calls to the IRS’s 1040 telephone line and the IRS has reported an official ‘Level of Service’ of five percent. In other words, only about one out of every 50 calls has gotten through to a telephone assistor, and the taxpayers who managed to get through have waited on hold an average of 20 minutes.”

The IRS is so backlogged that when we respond to a notice via paper mail, they cannot give us a timeframe of when it will be processed. Eight months ago, we were told it could take 30-60 days for the response to be processed. Then it was increased to 120 days. Most recently, they can no longer provide an estimated timeframe. This will likely trigger additional auto-generated notices since their computer system cannot see that a response has already been mailed in.

If you receive a tax notice from the IRS, we recommend contacting your advisor immediately and providing a copy of the tax notice. We are happy to assist in responding to the notice by calling the IRS and speaking with an agent or writing a letter on your behalf. Since the processing times are extremely slow, you may not hear anything back from the IRS for months. Unfortunately, as tax practitioners, there is nothing we can do to speed up this process.

Please feel free to contact your advisor or any member of the tax team if you have any questions or concerns.

PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RETURNS. Information and opinions provided herein reflect the views of the author as of the publication date of this article. Such views and opinions are subject to change at any point and without notice. Some of the information provided herein was obtained from third-party sources believed to be reliable but such information is not guaranteed to be accurate. In addition, the links provided within are for convenience only and the provision of the links does not imply any sponsorship, endorsement, or approval of any of the content. We do not guarantee the content or its accuracy and completeness. The content is being provided for informational purposes only, and nothing within is, or is intended to constitute, investment, tax, or legal advice or a recommendation to buy or sell any types of securities or investments. The author has not taken into account the investment objectives, financial situation, or particular needs of any individual investor. Any forward-looking statements or forecasts are based on assumptions only, and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. Any assumptions and projections displayed are estimates, hypothetical in nature, and meant to serve solely as a guideline. No investment decision should be made based solely on any information provided herein and the author is not responsible for the consequences of any decisions or actions taken as a result of information provided in this book. There is a risk of loss from an investment in securities, including the risk of total loss of principal, which an investor will need to be prepared to bear. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Exencial Wealth Advisors, LLC (“EWA”) is an investment adviser registered with the Securities & Exchange Commission (SEC). However, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. EWA may only transact business in those states in which it is registered, notice filed, or qualifies for an exemption or exclusion from registration or notice filing requirements. Complete information about our services and fees is contained in our Form ADV Part 2A (Disclosure Brochure), a copy of which can be obtained at www.adviserinfo.sec.gov or by calling us at 888-478-1971

subscribe for updates on new resources