Tax Guru – Ker$tetter Letter

There have been plenty of people writing about the recently passed tax law that we have been referring to as the “Extenders Act” instead of its technical name (Tax Relief and Health Care Act of 2006).

What I always find useful with new legislation are short and sweet summaries that can be passed along to clients more easily than the verbose analyses that we practitioners have to study.

While I know many of such summaries are currently in the works by the normal sources, the first one I’ve come across is this one from Spidell, which includes the excellent warning that California law currently doesn’t conform with this new Federal legislation.

This non-conformity will be a mess for all states, as some pass their own last minute or retroactive conformity laws, while others leave their tax systems as is and force us to make the appropriate adjustments between Federal and State tax returns.

I will post links to other similar summaries of the new law as I learn of them.

Updates:

QuickFinder has posted two items related to this new law:

Four-page PDF summary of provisions in new law, with helpful references to page numbers in the QF books.

One-page PDF on IRS guidance on how to adjust tax return prep to the fact that the 2006 tax forms were already printed before this law was passed.

The folks at TheTaxBook have posted their summary of the new tax law, also including page references to where each subject appears in their books.

Deloitte Tax:

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PDF (8 Pages)