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Retroactive 2017 Extenders

Posted by taxguru on February 13, 2018

How is this for another illustration of how screwed up things are in DC?  As has been covered extensively, our royal rulers passed a huge and very complicated mess of a tax law near the end of December 2017 that takes effect in 2018.  Then, after that, in February of 2018, they passed a law that retroactively, as of January 1, 2017, extends several tax breaks that had expired as of the end of 2016.

It’s like the popular story telling technique used in so many movies and TV shows nowadays, where everything is revealed in strange convoluted order.  Doing things in normal chronological order seems to be too old fashioned for people in these here modern times. 

These extensions are good news for the folks on the TaxBook discussion board, who have been panicking about what to do for their early filing clients and whether or not to charge them for amending returns to pick up the newly restored deductions that they couldn’t claim before now. 

The University of Illinois Tax School has a good eight page PDF summary of this newest retroactive tax law that will affect many 2017 tax returns.  I will post links to other useful explanations and summaries of this newest tax law, as I discover them around the ‘net.

How these retroactive Federal tax changes will affect State tax returns, many of which automatically conform with Federal law, is yet to be seen; but will be certain to add to the confusion of this current Tax Season.

Anyone in DC, Dimm or GOP, who claims that our tax system has been simplified is a 100% certifiable moron.

More info this retroactive legislation:

   From Congress – H.R.1892 – Bipartisan Budget Act of 2018

   From TheTaxBook6 page PDF summary

   From The Tax Foundation: Budget Deal Would Retroactively Extend Several Expired Tax Provisions

   From Intuit’s Tax Pro Center: Government Shutdown Averted and Tax Provisions Providing Tax Relief Passed

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