Are you ready? How savvy CPAs plan to cope: Click here, get the answers.
by Rick Telberg/At Large
Just as CPAs were hitting their stride toward the October 15 final tax filing deadline, the world changed. Add in a hotly contested Presidential election season, and all bets are off.
The new Emergency Economic Stabilization Act of 2008, signed into law on October 3, makes more than 290 changes to the tax code.Â It includes more than $150 billion in tax breaks for individuals and businesses. “With most of the tax relief available immediately in 2008 and 2009, year-end tax planning takes on added urgency this year to maximize taxpayer use of these new tax breaks,” according to CCH.
The tax code changes are dizzying. To name a few:
- The 2008 AMT patch;
- Extended mortgage foreclosure tax relief;
- Individual taxpayer incentives;
- Disaster area tax relief;
- New energy tax incentives;
- Revised preparer penalty standard;
- Business tax incentives;
- The enhanced child tax credit; and
- Broker basis reporting.
With the late-breaking complications, it could be difficult for many practitioners to improve upon last year’s busy season. About two in three practitioners enjoyed revenue and profit gains last season compared with the season before.