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Saturday, April 14, 2012

Filing season idea - recalculate for tax reform

With all of the talk about tax reform - although usually without details, but having your 2011 tax return information, why not recalculate it under the various proposals out there.  While it only provides a small picture into reform - it can be useful for understanding the nature and degree of changes, where details are missing, and generate questions you'd like to ask of your elected officials.

I have a short article in the April 12 AICPA Tax Insider with more on this idea and cautions to be exercised.  It includes a template for estimating your tax liability under S. 727, Bipartisan Tax Fairness and Simplification Act of Senators Wyden and Coats.

See "Client service idea for the 2012 filing season" - here.

I plan to create a few more templates, although often it is not possible because too many details are missing from the proposals.

For more on S. 727, see sponsors' explanation from 4/5/11 Congressional Record and information from Senator Wyden.

What do you think?

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