The elections are finally over. No more political commercials! Yeah!
That’s the upside of stuff.
The downside is that there gridlock will continue on over the next two years between the republican congress and the president. Right with a lame duck congress new tax laws will probably not be put into effect until early 2015. The new crop of Republicans will be eager to show what they can do and and any tax reform and/or changes will not come until after the tax season has started in February. Most of the changes will be retroactive for 2014.
Will tax law extensions continue on? Who knows. They’ll probably change though and there’s no saying whether that will be good or bad for all of us.
What does that mean? The government has to create new forms, write up new publications and distribute all that information to everyone. It means that the people who write the tax software will be frantically updating their programs. It may also mean that your preparer may not be able to file your return until they get the proper software updates and finally, it may well mean that more extensions will need to be filed.
OYYYYY!