Some taxpayers will be impacted from a late breaking piece of legislation. Enacted on December 17th, Bush tax cuts were extended. While this may mean later tax returns for some, one local CPA says the benefits outweigh the costs.
It's a change some say is worth the wait. If the Legislation hadn't taken effect, it could have meant a nationwide tax increase. Pam Burns is a CPA in Gainesville and says taxpayers should feel relieved. The late vote last month to extend Bush tax cuts will delay processing some tax returns. A new program to update the IRS's computers with the tax cut information will slow the process. While this will mean waiting longer for returns for some people, Burns says people are going to be getting better returns than if the laws had not been extended.
For more information on filing taxes and who this extension will affect you can go to IRS.gov.