TAX EXTENDERS were finally signed into law late in December. Consequently PROSERIES and likely every other tax prep platform has been trying to make necessary updates to assure the integrity and reliability of 2019 returns. Imagine the number of revisions, updates, testing, etc to assure we prepare complete accurate and reliable returns. So much for TIMELY. Better to get it right, than rush to file, only to later learn of the need to amend, or worse your client receives an IRS adjustment.
On Dec. 20, 2019, President Donald J. Trump signed into law H.R. 1865, the “Further Consolidated Appropriations Act, 2020,” an omnibus spending package that included a division titled the “Taxpayer Certainty and Disaster Relief Act of 2019” (the Tax Act). Title I of the Tax Act provides for the extension of certain expiring tax provisions. Such extenders are generally broken into four categories: tax relief and support for families and individuals (families and individuals); incentives for employment, economic growth, and community development (economic development); incentives for energy production, efficiency and green economy jobs (energy); and certain other provisions expiring at the end of 2019 (other provisions).
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