Wow. More than 7000 tax practitioners attended the August 2012 IRS Tax Forum at Caesar's Las Vegas. This time the courses I attended were required to keep up with the annual certified professional education [CPE] requirements each preparer must now satisfy every year. It was a three day marathon.
The real news is no news as a virtual tax Armageddon faces the nation is Congress doesn't act by December 31 this year. Hmmmm.
The tax provisions scheduled to sunset range from Gift and Estate taxes to Child tax credits and a smorgasbord of other provisions. The $$$ implications are serious. For MFJ with two kids figure $2000 in lost benefits which means the tax bill is going up big time.
Expect Washington to take the American taxpayers to the brink before they act. Stay tuned.
Good news is I renewed with the OLT people for the upcoming tax season.
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