top 10 observations and predictions for tax season 2015
TRANSCRIPT
Top 10 Observations and Predictions For Tax Season 2015
It’s tax season! Here are some predictions and
observations for tax preparers and tax payers for 2015.
January 20 to be the starting date for
filling returns. It is likely to impact the middle and lower
taxpayers.
1.
Tax extender legislation that lasted for 12 days ( 19- 31 December ) built a sense of uneasiness
among taxpayers. The problem especially arose for those who needed to accumulate all their
transfers and purchases records within 12 days.
2.
Last tax season there was high increment rate but the tax on regular income rose to
39.6% and 20% for capital gains. There could be a steep increase this time around as
well.
3.
Taxpayers not covered by medical insurance policies or employer insurance
plans are likely to get affected by the provisions made in Affordable Care Act.
4.
IRS would want to provide tax payers with ample practice methods so that they can file returns comprehensively. Registering them
before and providing them PTIN should come handy.
5.
CPAs and Accounting wizards will be superstitious whether they will gain or loose
while preparing reports for lower- income tax payers. The strict norms of IRS and Congress for
tax preparers concludes this point.
6.
When tax season arrives, IRS should accommodate practitioners and answer each of their query. Most of the time CPAs are held back
by the unresponsiveness of the telephonic services of IRS.
7.
If taxpayers are in some dilemma about filing tax returns on even with the services of IRS.
They should nod the tax representative of the state or should take up services of a Taxpayer
Advocate.
8.
FATCA this time around will most probably get in touch with taxpayers who never admitted
that they have a foreign account. Especially the ones who have been hiding their accounts for
quite some time now.
9.
The hectic task of preparing tax reports for those clients who have foreign investments, tax preparers this time around might drop this idea
and rather file “CYA” statements to IRS.
10.
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References:
http://www.forbes.com/sites/irswatch/2015/01/02/filing-season-2015-observations-and-
predictions/
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