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"Another tax year, more confusion thanks to US Congress" Topic

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578 hits since 9 Nov 2015
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138SquadronRAF Supporting Member of TMP09 Nov 2015 6:04 p.m. PST

We are approaching the start 2015 tax filing period. Today I attended the first of my series of update courses for 2015.

Now over there were a series of tax cuts that were not permanent but had a end date when the tax law would revert to the prior law. For the past few years we have had a number of temporary extensions of these law. Congress has not enacted these extensions for 2015. So I'm getting "Well the law is probably going to be this, but it might be this.'

Now owing to the congressional timetable we're not going to get the laws enacted until January if we're lucky, February we're not. Then we have the knock on effect of the interaction of Federal and State law. The problem of software that needs to be written.

Fearing this would happen I'm going to forgo my extra refresher courses in January because it's going to be a waste of time.

Since I do international taxation as well 2016 is going to be another frustrating work at work. When it comes to a dysfunctional tax code the US ins #1.

Streitax Inactive Member09 Nov 2015 6:12 p.m. PST

Yeah, job security comes with a heavy burden some times. Best of luck maintaining your sanity.

RavenscraftCybernetics Inactive Member09 Nov 2015 7:49 p.m. PST

Just file thr short form…
How much money did you make last year?_________
Send it in.

Ed Mohrmann Supporting Member of TMP10 Nov 2015 7:16 a.m. PST

It can be the same with retirement financial planning.

Except for the folks who make the law, of course…

Personal logo Andrew Walters Supporting Member of TMP10 Nov 2015 9:21 a.m. PST

I hate to invalidate your feelings, but this is not something to be frustrated with. If the tax code were static, straightforward, and sane you wouldn't have a job. You get paid exactly because the people who make the rules we all most follow ever-so-carefully are not doing a good job.

You know the lay of the land, you know where the pitfalls are, you know what to look out for, you'll get your clients through it and bill them.

I used to work troubleshooting ethernet and wifi networks. Those two technologies improved and streamlined to the point that you just plug them in and they work. I won't be going back to that job, it doesn't really exist any more. But the tax code is never going to get better, so you're set!

So buck up, raise your rates if appropriate, take a deep breath, pace yourself, and be thankful for your job security!

138SquadronRAF Supporting Member of TMP10 Nov 2015 5:11 p.m. PST

I'm not complaining about complexity. I'm complaining about uncertainty.

Here is the problem I know I'm having when I get back to the office on Thursday from class; I'm meeting with a CEO whose company has had a really good year, we need to work on the likely estimated payments and the tax saving strategies.

I know they are planning to expand and will be buying more equipment, we can do the purchase this year or early next. The likely cost of those machines is in excess of $200,000. USD
Under the old law, that Congress has been extending on a year by year basis, I can take a deduction against profits of $200,000 USD and an excelerated depreciation on the balance. Under the law as things currently stand I can only claim $25,000 USD for new equipment purchases and have no excelerated depreciation. Makes quite a difference.

So what do I do? I'll suggest he makes the purchase this year and hope the provisions are extended. Why, if the changes go into effect, we win, if they don't, we'll have revised estimates to make extra payments in January.

I'd sooner not make decisions on uncertain laws.

Last Hussar13 Nov 2015 1:30 p.m. PST

Sorry, PAYE here, so I've never done a Tax Return…

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