Impending Doom

[Snaggletooth]

I think we should all thank Black Bart for interceding with the Mayan Gods and sparing us the doom that was to befall us yesterday.
Go Bart!!

[Bees Knees]

The real dooms day

Actually, the Mayans ended their calendar a few days before the real dooms day to give everyone time to catch a plane out of here. When January hits and everyone sees all the additional withholding on their first paycheck, that's when the real chaos begins.

[JohnH]

Thanks Bart.
I would have lost much less sleep & wasted effort over the past few weeks if I'd known you had this covered.

BTW, burning seeds and nuts can stink up the house pretty bad - I don't recommend it for dealiing with future apocalypses.
(or should that be apocalypsi)
(or should a one-time event that ends everything even have a plural form?)

[ChEAr$]

Actually, the Mayans ended their calendar a few days before the real dooms day to give everyone time to catch a plane out of here. When January hits and everyone sees all the additional withholding on their first paycheck, that's when the real chaos begins.

additional withholding? Not until IRS sends out a new circular 15. (grin

[Corduroy Frog]

Kick the Can

It's amazing when given tough choices, if there remains one option to postpone action, our Congress will always choose to do so. It could very well be that the eminent withholding increase on millions of workers is the only thing that will force the Congress to do something. Otherwise, it is empty press releases and political posturing.

Is it possible that in order to give them one more chance to kick the can down the street, we may have an executive order to keep withholding at current levels until Congress "has the opportunity to decide?"

This may wander too far into politics, but I am keeping it non-partisan. Already, I am dealing with various payroll scenarios for customers that may happen. Executive order to keep withholding at current levels? Reversion of the social security payroll tax cut? Actual return to pre-Bush-tax-cut rates? Back to 2001 rates or do we at least honor the increase in COLAs?

I think most of us are hoping the threat of increased withholding in January will force action by Congress and not allow them to wiggle out of their responsibility yet another time. But an executive order such as the above could actually give them extra weeks, maybe even MONTHS, to dilly-dally around and do nothing.

[Snaggletooth]

Draft 1040?

To rescue this thread from possible political overtones, I might ask if anyone knows whether the IRS Draft 1040 is ready for use?
Line 67 is "reserved." Wonder what for?

Worse still, when will they begin to accept e-filing? They once used the excuse that they didn't have time to program Sch. A, when
in fact none of the changes involved Schedule A.

[taxea]

we may have made it through the Mayan doom but the Congressional tax doom is still a big black cloud overhead!

[Lion]

I've seen 22 January, but haven't seen what forms will be accepted then.