Will Tax Season Be Delayed? From The National Law Review Possible Delay to 2015 Tax Season In a letter dated October 6, 2014, IRS Commissioner John Koskinen wrote to Senate Finance Committee Chairman Ron Wyden expressing his concern about the upcoming 2015 tax filing season. Specifically, he is worried about dozens of tax breaks which lapsed at the end of 2013. These tax breaks, known as extenders, affect a variety of taxpayers expenditures - everything from corporations overseas financing to teachers out-of-pocket expenses to alternative fuel source initiatives. It is up to Congress to decide whether or not to extend the expired provisions by no later than the end of November, according to Koskinen. Congress has been deadlocked over how to extend them - not surprising considering the looming elections. By failing to act Congress has caused a great deal of uncertainty for the IRS. This uncertainty, if it persists, could force the IRS to postpone the opening of the 2015 filing season and delay the processing of tax refunds for millions of taxpayers. The extenders have been regularly renewed in past years. In April, Senator Wydens committee approved legislation to keep the list of tax breaks active through 2015, but the measure got bogged down by political quarrels. It is possible that Congress could rule on the provisions past the deadline and simply make their decisions retroactive. Koskinen warns against such a practice, though, stating, If Congress waits until 2015 and then enacts retroactive tax law changes affecting 2014, the operational and compliance challenges would be even more severe. It could lead to millions of taxpayers filing amended returns, among other disruptions. Lets hope that Congress acts swiftly with clear policy direction so that the upcoming tax season is not any more painful than it has to be. In the meantime, the attorneys at McBrayer are here to help you with your tax planning. We can help taxpayers identify and plan for maximum tax benefits while avoiding tax controversies. And, unlike Congress, were sure to act fast......................................................
Posted on: Wed, 05 Nov 2014 01:01:50 +0000
Trending Topics
Recently Viewed Topics
© 2015