Kelly Phillips Erb for Forbes writes: On January 1, 2014, about 55 tax-related deductions and credits had officially expired. They weren’t voted up or down: they were just temporary provisions that were allowed to expire.
Most assumed that Congress would eventually do what they’ve had a terrible habit of doing which is to wait a bit and extend the laws retroactively to January 1, 2014. But then January passed and nothing. Then February and nothing. Then March… You get the picture.
And now it’s November – nearly December, actually – and those tax extender bills are still sitting in Congress.
To be clear, these are not tax provisions that will affect you in 2015. They’re tax provisions that will – er, would – affect you in 2014. You know, the year that’s almost over. Because, of course, who wants to focus on tax planning in advance? It’s much more fun apparently to scramble after the fact – or at least, that’s the vibe I’m getting from Congress.
So what does all of this mean for tax season and the Internal Revenue Service (IRS)? You know, the agency that has to mark up all of those forms and reset their computer software to accommodate whatever last minute whims Congress might consider – those same whims they could have considered before the midterm elections? (I know, that’s just crazy talk) It could mean a delayed tax season. Again. Or a two-tier start to tax season. Again. (I’ll have some more answers for you later today when I post the results of my conversation with the IRS Commissioner.)
For now, however, taxpayers are trying to figure out whether they can count on certain tax provisions that used to be available and might be available retroactively if Congress acts before they break for the holidays. And while there are some good arguments for and against the provisions, the key is to have some answers. [snip]. The article continues @ Forbes, click here to continue reading....
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