Happy 4th of July! In case you are wondering what I am doing
today to celebrate – I am working on GD extensions!
*
Sorry to be late with this item, but last week, according to an IRS release,
the “National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year in Mid-Year Report to Congress”.
“National
Taxpayer Advocate Nina E. Olson today released a report to Congress that
identifies the priority issues the Taxpayer Advocate Service (TAS) will focus
on during the upcoming fiscal year. The report expresses particular concern
about the taxpayer impact of expired and expiring tax provisions, the rise in
tax fraud and tax-related identity theft, and attempts to limit the National
Taxpayer Advocate’s formal input on issues that affect taxpayer rights and
taxpayer burden via ‘Taxpayer Assistance Orders’ and ‘Taxpayer Advocate
Directives’.”
Addressing the impact of changes in tax law
on taxpayers and the IRS the report says -
“The
continual enactment of significant tax law and extender provisions late in the
year has led to IRS delays in handling millions of taxpayers’ returns and
caused many taxpayers to under claim benefits because they did not know what
the law was. Because of the magnitude of these challenges and the uncertainty
about such a large number of important provisions, the 2013 filing season is already
at risk. The 2013 filing season is likely to pose problems for many (if not
most) taxpayers and the IRS if Congress does not address the many provisions
that have already expired or soon will.”
“Congress
is likely to extend many of these and other expired provisions retroactive to
January 1, 2012, but neither taxpayers nor the IRS know for certain what will
happen and therefore cannot make plans.
For example, a homebuyer trying to decide whether to utilize a loan
package that includes mortgage insurance now lacks important information. So does a pensioner trying to decide whether
to tap his IRA to make a charitable donation.”
* In case you didn’t get enough on the
recent court decision, CCH has a Tax Briefing on the subject - “Supreme Court Upholds Health Care Law”.
* And, before leaving the subject, Bill
Perez provides a good overview of Obamacare and the decision in “Tax Impacts of the Supreme Court's Health Care Decision” at ABOUT.COM.
To
repeat – the Supreme Court decision did not create new law. It just upheld legislation passed a while
ago.
Much
of Obamacare does not begin to take effect until 2014, although some important
1040-related provisions begin in 2013. I
expect the 2013 issues will be discussed in detail at the upcoming NATP
Conference in Baltimore and the NATP year-end tax update in November. I will discuss these items in my “Year-End
Tax Planning” coverage in October and November and my “What’s New for 2013”
coverage either in December 2012 or January 2012.
And,
always in the background, there is the possibility that the idiots in Congress
will address serious tax reform in 2013 and substantially rewrite the Tax Code
(as I like to say - I can dream, can’t I?).
Several good entries this edition. And I remembered to submit one myself!
*
In this week’s installment of “Getting To Know You Tuesday” Kelly Phillips Erb,
aka TAXGIRL, introduces us to Shayna B. Chapman, CPA CITP CGMA, of Chapman
& Burris CPAs LLC in Gallipolis, Ohio.
* Have you taken advantage of my “Special Summer Savings for Tax Pros” yet?
TTFN
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