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Thursday, May 13, 2010

While You Were Filing ...

The tax law "suffered"** some significant changes during this past filing season. The HIRE Act and 2 health care bills contain significant tax changes. A few of the provisions in HIRE are temporary though. The tax changes in the health care acts go into effect from 2009 through 2018.

This is on top of the numerous temporary changes in the American Recovery & Reinvestment Act and other economic stimulus laws of the past few years.

**I say "suffered" because the vast bulk of the changes do not improve our tax law. They make it more complicated and in some instances less equitable. While there were some changes that may help reduce the tax gap, such as 1099 reporting for corporations, the bigger part of the tax gap - underreporting by sole proprietors, remains unaddressed.

I have a short article in today's AICPA Tax Insider - "While You Were Filing" that summarizes some of the key changes of significance (from all three branches of government) that arose during this past filing season.

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