Impact of Last Minute Tax Changes Unknown

Written by Peter Tran

June 26, 2017

On December 16th, Senate Passed, H.R. 5771, Tax Increase Prevention Act of 2014, a $42 billion dollar tax package and sent it to President Obama for ature ( Bill was ed into law on December 19th).  This bill contains over 150 provisions, many of which would extend tax breaks that expired in 2013 – welcome changes that would greatly benefit taxpayers and small .

Welcome Changes:

Here are a few of changes included in Bill passed by House and Senate that will benefit most readers:

Changes too Late:  Unfortunately, however, se tax provisions may have arrived too late for many taxpayers to take advantage of m.  It is also uncertain wher se changes will cause a repeat of problems created two short years ago when Congress passed last minute taxlaw changes to 2012’s tax rules. 

Retroactive Challenge:  In early 2013 Congress wreaked technological havoc on IRS and tax professionals when it passed American Taxpayer Relief Act of 2012, AKA Fiscal Cliff Tax Act, on January 1st, 2013.  This legislon contained 157 pages of Tax Code changes, many of which were retroactive and altered tax rules for 2012. 

Unfortunately, Congress made se changes just days before taxpayers were starting to file ir 2012 tax returns.  As with Tax Increase Prevention Act of 2014, se changes were made after IRS and entire taxprocessing industry had programmed ir systems to process income tax returns following rules that were already in place. 

impact of se retroactive changes on taxpayers was twofold.  First, taxpayers and professionals had no to effectively plan to make meaningful use of changes.  Second, because IRS and taxprocessing industry have to reprogram for changes ( tax code is, after all, a large formula in a giant computer program.), taxpayers had to wait to file ir returns, receive ir refunds, and file ir returns with an increased possibility of ir returns containing errors.  Hopefully, because Tax Increase Prevention Act of 2014, was passed a few weeks earlier than 2012’s changes, IRS and tax preparon industry will have a little more to make required adjustments to ir systems and we will not see a repeat of problems that plagued filing of 2012’s returns.

This column has discussed a few of changes included in House Bill H.R. 5771, challenges se lastminute changes create for tax payers, and possibility of filing problems that may result.  We do not in this short article have to discuss or changes and extenders such as research and development credit, ability to take a charitable deduction for contributions of qualifying real property for converson purposes, or ability to exclude from income donon of qualifying IRA distribution, among many ors.

For detailed about se and or tax law changes for 2014, please contact your tax preparer.  As always, please remember that this or any article does not constitute tax advice.  If you any help with your ts or are facing a particular tax issue, please feel free to call us at 304 2672594 to set up an appointment.

 

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