Change is on the horizon! Change can be looked at as scary or an opportunity to try something new or a scary new opportunity.
Most of what you are about to read will not be a shocker. Actually, nothing you are about to read will shock you but it is important to know.
Here is the link to the proposed budget. The Tax Industry piece is on page 39.
www.thetaxadviser.com has provided a great summary for us. Click Here to read the article! It’s a short read…but here is an even shorter version.
- Looks like some form of Paid Tax Preparer Certification is on the horizon. Maybe a little sooner than we expected.
- IRS Budget gets a small haircut.
- Tax Code Overhaul! Sub Bullets Copied from Article….For individuals, the budget calls for:
- Lower income tax rates;
- An increased standard deduction;
- Help for child and dependent care expenses;
- Protection for home ownership, charitable giving, and retirement savings
- Repeal of the alternative minimum tax, the net investment income tax, and the estate tax.
For businesses, the budget calls for:
- Lower tax rates;
- Elimination of most tax breaks;
- A move to a territorial system of taxation, including a one-time repatriation tax on accumulated overseas income.
Instead of try and predict what the proposed budget actually means for the tax preparation industry; good or bad, we will wait and see what actually passes and what form it ends up taking.
Rest assured, RightWay has its finger on the pulse and will help you navigate any future changes!