Obama Signs 2014 Tax Extenders-- but the provisions expire in about a week on December 31, 2014. Government irresponsibility hurts individuals, businesses, and the economy. Expect a delayed, hectic, and confusing tax season. The new Congress is going to have to pass these same deductions and tax credits next year since they will expire again on December 31, 2014. Congress and the President should make these tax laws permanent so taxpayers are not subjected to this every year. It is difficult to conduct effective tax planning when the laws change every year and Congress and the President pass and sign a bill when the year is almost over (and make it retroactive to the first of the year). The last minute Congressional and Presidential action with respect to tax law is irresponsible. It is not good for businesses or the economy. It not only leaves individuals and businesses in a continuing state of uncertainty of what their tax liabilities will be, it also delays the IRS. When the IRS is delayed, those who are due a tax refund will also have to wait longer. Some preparers may also be delayed as they research the new tax provisions and test their software. Other tax preparers may prepare tax returns incorrectly if they are not familiar with the rapidly changing tax code. Throw in massive tax code and reporting changes required by the Affordable Care Act (ObamaCare), and we have an unnecessarily hectic and confusing tax season. To add to the problems, the IRS Commissioner has stated that the IRS will likely only be able to answer less than 60% of calls during tax season. Get ready for a bumpy ride. If you have never engaged a CPA or Attorney to prepare your taxes, this is a good year to start. Off-the-shelf software is no match for a well informed CPA or tax attorney. It will cost more to fix (amend) a tax return than engaging a competent professional to prepare the tax return correctly the first time. forbes/sites/ashleaebeling/2014/12/19/obama-signs-2014-tax-extenders-money-in-your-pocket/
Posted on: Tue, 23 Dec 2014 11:01:53 +0000
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