Fiscal Cliff Drivin Me Nuts….anyone else?

CPA Exam Forum FAR FAR Review Fiscal Cliff Drivin Me Nuts….anyone else?

This topic contains 10 replies, has 0 voices, and was last updated by  stephanieb 3 years, 8 months ago.

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  • #175618

    tncincy
    Participant

    I am self employed and really looking forward to tax season. I’m taking the cpa exam so I can become more marketable . Well in case it’s not known, tax season was not going to being on time anyway…the first date was Jan 22, which is later than the usual 2nd friday in January. Now it’s backed up to Jan. 30th! The IRS is reiterating that there will be no refunds in January and they will not process any paper returns before the 30th. For me, no business til January 30th. You might say what’s the big deal no one can file until then….but I AM BROKE, need some money,dont want to wait, I really wanted to do some business before I take far. Man this fiscal cliff is driving me nuts……in the mean time I am stepping it up studying. I really don’t have an excuse but plenty of time. I’m glad the government came up with an agreement but did they really have to delay tax season a whole month? Is the fiscal cliff effecting anyone else’s busy season?


    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #392300

    stephanieb
    Member

    Definitely YES. I work for a small local accounting firm. I prepare corporatate and partnership taxes. If the IRS isn’t accepting the 4562 until late February or early March, that’s quite the delay from what it has ever been for me. I’m fortunate that I get a paycheck regardless, but I know the partners are not happy about the cash outlay being so far in advance of the billing.

    I’ll get to field calls from many clients explaining “why” and dealing with their unhappiness.

    #392301

    tncincy
    Participant

    I get the feeling that something else is going to happen before it’s all said and done. I just paid for the registered taxpreparer and continued education that goes with it and new software. I am just out done…..I really need to pass all parts now…..yes this is a panic attack


    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #392302

    It’s going to be a loooooooooooooong tax season. I am not excited. I am trying to get Audit done by Feb 23…. It’s going to be crazy. YAY!(not)

    #392303

    Noct
    Member

    There’s no reason the recent “fiscal cliff” provisions should delay the filing of 2012 income tax returns considering that said provisions are effective for 2013… Irritating to say the least.

    #392304

    tncincy
    Participant

    Well in my opinion, the government is broke and this is another stall tactic. I agree there is no real reason to delay the tax season…..yes still pouting.


    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #392305

    Anyone else find it funny how they raised section 179 limit to stimulate the economy…. but passed it AFTER 12/31/12 for the 2012 year. We had a good laugh in our office about that.

    #392306

    Yes this season is going to be crammed. I can understand how it would be very frustrating for those that are preparing returns on there own and rely on the season for income.

    We have a large base of farmers as clients, the 4562 being delayed into March will be interesting. Certain farmers have different filing deadlines for their 1040. Also, what about the business that need to file by March 15? Hmmm….

    On another note, those that commented about why the season is delayed by the resent legislation affecting 2013, you may want to reread what the legislation affected. They put rules into effect for a time period that has passed already, aka 2012. (This makes SOOOO much since.) Some was for future periods, but some of the legislation affected the 2012 year.

    Its is just ridiculous and frustrating.

    #392307

    Ag12thman
    Participant

    The delay in all of this is just an absolute joke. Get off the dang golf course and get this stuff passed earlier. GEEZ.

    #392308

    tncincy
    Participant

    Politics can truly ruin a person’s lively hood…..still pouting.


    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #392309

    stephanieb
    Member

    littlenumberrobot…..We get quite a laugh at our office too. So much for tax planning.

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