top 10 observations and predictions for tax season 2015

Top 10 Observations and Predictions For Tax Season 2015

It’s tax season! Here are some predictions and

observations for tax preparers and tax payers for 2015.

January 20 to be the starting date for

filling returns. It is likely to impact the middle and lower

taxpayers.

1.

Tax extender legislation that lasted for 12 days ( 19- 31 December ) built a sense of uneasiness

among taxpayers. The problem especially arose for those who needed to accumulate all their

transfers and purchases records within 12 days.

2.

Last tax season there was high increment rate but the tax on regular income rose to

39.6% and 20% for capital gains. There could be a steep increase this time around as

well.

3.

Taxpayers not covered by medical insurance policies or employer insurance

plans are likely to get affected by the provisions made in Affordable Care Act.

4.

IRS would want to provide tax payers with ample practice methods so that they can file returns comprehensively. Registering them

before and providing them PTIN should come handy.

5.

CPAs and Accounting wizards will be superstitious whether they will gain or loose

while preparing reports for lower- income tax payers. The strict norms of IRS and Congress for

tax preparers concludes this point.

6.

When tax season arrives, IRS should accommodate practitioners and answer each of their query. Most of the time CPAs are held back

by the unresponsiveness of the telephonic services of IRS.

7.

If taxpayers are in some dilemma about filing tax returns on even with the services of IRS.

They should nod the tax representative of the state or should take up services of a Taxpayer

Advocate.

8.

FATCA this time around will most probably get in touch with taxpayers who never admitted

that they have a foreign account. Especially the ones who have been hiding their accounts for

quite some time now.

9.

The hectic task of preparing tax reports for those clients who have foreign investments, tax preparers this time around might drop this idea

and rather file “CYA” statements to IRS.

10.

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References:

http://www.forbes.com/sites/irswatch/2015/01/02/filing-season-2015-observations-and-

predictions/

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