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11/11/2014

Tax Implications of the 2014 Election

By Mike Tucker, CPA

Everyone is concerned about gridlock in Washington; Nothing seems to get accomplished, including tax legislation. After the recent 2014 election, the Republicans now control the Senate as well as the House, which may mean that the gridlock continues.

However, let's look at the bright side. Newly elected members of Congress are eager to be perceived as breaking the gridlock and getting things done. So, is it conceivable that both Republicans and Democrats can agree on the importance of some tax legislation and actually enact it?

Specifically, we need:

- Tax extender legislation

- Corporate tax reform

Because Congress will enact legislation in 2015 that will impact 2014, the upcoming tax season looks like it could be a disaster. Because of potential legislation, the IRS may postpone the beginning of filing season and could conceivably extend it. Tax forms will have to be revised, and tax season opening and closing dates will have to accommodate newly enacted legislation.

Don't despair! In the end we will survive, our clients will get their tax returns filed, and we will all live to the next filing season - exhausted though we may be!

Check out the video below where I further explain these potential tax implications:




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