You're about to get screwed by Taxes thanks to Immigration..

[The Captain]

www.inc.com/erik-sherman/you-re-about-to-get-screwed-by-taxes-thanks-to-immigration.html


Yesiree folks, here we are coming up on another year end, and once again our leaders are putting the tax profession through the ringer.

"That means the IRS still doesn't know what the final tax landscape will look like, although it could make a decent guess. Without absolute knowledge, it can't provide up-to-date forms, can't tell tax professionals and software companies exactly what they will have to do, and can't even make the necessary modifications to their own software to process returns. It is going to be a mess, and unless Congress and the President could miraculously get their collective act together, it will also cost a lot of entrepreneurs extra money.

Separately, in the when-it-rains-it-pours department, there are the major changes in what expenditures companies should capitalize and which they can treat as expenses. Many companies of all sizes will have to change their accounting methods to accommodate the rule changes. "Almost any business with depreciable assets" will have to file additional extra forms to document their accounting changes, according to Luscombe."

I am less than 4 weeks from year end and need to make modifications to the income tax provision package I send out to my units.  I don't know if certain business provisions will be renewed or not.  I have to make accounting entries based on the tax laws as of year end, tax laws that can be changed at the last minute.

As usual, the IRS is going to be slammed trying to get the forms and programming modified at the last minute.  This is no way to run a country.

[mwcpa]

this has been the status quo for too many years as the gridlock in Congress handcuffs small business by holding very beneficial tax breaks hostage for political gain.

[TheOtherMe]

Dec 2, 2014 16:48:58 GMT -5 mwcpa said:

this has been the status quo for too many years as the gridlock in Congress handcuffs small business by holding very beneficial tax breaks hostage for political gain.

So true and there is no need for Congress to do this.