Announcement

Collapse
No announcement yet.

Retroactive Tax Extenders Passed

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Retroactive Tax Extenders Passed

    Sigh...amended returns anyone?

    https://taxfoundation.org/budget-dea...ax-provisions/

    #2
    Energy?

    I just got an email from NATP about this. It did not include any mention of extending the energy credits for insulation, doors, windows, furnaces etc. Was this extended?

    Comment


      #3
      Originally posted by Kram BergGold View Post
      I just got an email from NATP about this. It did not include any mention of extending the energy credits for insulation, doors, windows, furnaces etc. Was this extended?
      Yes as per news release!
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

      Comment


        #4
        Here's the actual bill: https://www.congress.gov/bill/115th-...92C6A2684C96A3

        And we get a new form 1040SR for seniors over age 65. Good grief!

        Comment


          #5
          https://www.congress.gov/bill/115th-...se-bill/1/text

          Be sure to read the due diligence penalties for tax preparers section of this bill it has additions and I'm betting we will have a question form coming our way that will be similar to F8867.
          Last edited by taxea; 02-09-2018, 06:42 PM. Reason: aditional information
          Believe nothing you have not personally researched and verified.

          Comment


            #6
            How are you guys handling clients with PMI, Residential Energy credits.

            1) You are asking them to wait until IRS revises the forms

            2) File now, get the refund and then amend later

            3) If you are amending later what would be your average fee to amend for PMI/Energy credits

            Thanks.
            Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

            Comment


              #7
              Originally posted by ATSMAN View Post
              How are you guys handling clients with PMI, Residential Energy credits.

              1) You are asking them to wait until IRS revises the forms

              2) File now, get the refund and then amend later

              3) If you are amending later what would be your average fee to amend for PMI/Energy credits

              Thanks.
              For the most part, I will leave it to the client.

              I checked and it doesn't affect any returns I've already filed.

              Another snag that could happen is that banks aren't reporting PMI since when they printed forms it was not a deduction. The ones I've seen so far appear to be reporting it, but I remember a few years back when it was extended late Dec, a lot of them did not report it and clients needed to contact bank to get the amount or have online access to print out transactions.

              Comment


                #8
                Oh well more money for us with the amendments

                Comment


                  #9
                  Software Update For Energy Credits?

                  On 2/20 my TaxAct professional version had a software update that addressed the PMI. However, they did not update it for the residential energy credits. I received this response today:

                  "The IRS has not yet provided us any update on Form 5695 for energy credits. We released an update for the Mortgage Premium and Tuition and Fees Deduction last Tuesday, February 20th.

                  Per the IRS website, they are reviewing the legislation that retroactively extended and modified numerous tax provisions covering the 2017 tax return. They include some significant changes in the tax law and the IRS will provide additional information as quickly as possible.

                  Once the IRS provides TaxAct information on how they will handle these changes, our Development Team will be working as quickly as possible to release updates to the programs."

                  Has anyone's software been updated for the residential energy credits?

                  Comment


                    #10
                    Same with Proseries. Bet those will not be addressed till after tax season.

                    Comment

                    Working...
                    X