Wednesday, December 20, 2006
Creating a Problem Where None Exists
By Howard Wolosky, Editor-in-Chief, Practical Accountant (WebCPA)
Excerpts from the article:
"Congress seems to have no qualms about making it more difficult, expensive, and frustrating for those interested parties or adding greatly to the possibility that taxpayers will not take advantages of tax benefits because they aren’t listed on tax returns where they are supposed to be and could easily have been put."
"Congress, rather than passing the “Tax Relief and Health Care Act of 2006” just before it adjourned last week,could have done so at the beginning of 2006. But in reported attempts to pass other unrelated legislation, the tax provisions supported by both sides of the aisle were tacked onto controversial legislation. When those proved unsuccessful, the tax provisions eventually were separated from any controversial legislation and the “Tax Relief andHealth Care Act of 2006” was passed last week."
"Here is explanation of the ramifications of the delay by Senator Baucus on the floor of the Senate:
'Congress's delay in extending these tax provisions caused uncertainty. And the delay until now will have real consequences for taxpayers.' 'TheIRS expects taxpayer confusion. The IRS expects more phone calls to the IRS with questions. The IRS expects delays in filing. The IRS expects incorrect returns. And the IRS expects more amended returns. Further, the IRS will need at least six weeks to reprogram its systems toaccommodate the changes. It is simply too late for the IRS to implementthe 2007 filing season on time.' "
Access the full article here: http://www.webcpa.com/article.cfm?articleid=22828
Excerpts from the article:
"Congress seems to have no qualms about making it more difficult, expensive, and frustrating for those interested parties or adding greatly to the possibility that taxpayers will not take advantages of tax benefits because they aren’t listed on tax returns where they are supposed to be and could easily have been put."
"Congress, rather than passing the “Tax Relief and Health Care Act of 2006” just before it adjourned last week,could have done so at the beginning of 2006. But in reported attempts to pass other unrelated legislation, the tax provisions supported by both sides of the aisle were tacked onto controversial legislation. When those proved unsuccessful, the tax provisions eventually were separated from any controversial legislation and the “Tax Relief andHealth Care Act of 2006” was passed last week."
"Here is explanation of the ramifications of the delay by Senator Baucus on the floor of the Senate:
'Congress's delay in extending these tax provisions caused uncertainty. And the delay until now will have real consequences for taxpayers.' 'TheIRS expects taxpayer confusion. The IRS expects more phone calls to the IRS with questions. The IRS expects delays in filing. The IRS expects incorrect returns. And the IRS expects more amended returns. Further, the IRS will need at least six weeks to reprogram its systems toaccommodate the changes. It is simply too late for the IRS to implementthe 2007 filing season on time.' "
Access the full article here: http://www.webcpa.com/article.cfm?articleid=22828
posted by Steve Harris, 12:49 PM
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