Draft form 1040

[Gene V]

The IRS has the draft form 1040 available for viewing.
Notice line 23 has change from Educator expenses to Archer MSA deduction,
Line 34 has change from Tuition and fees deduction to Jury duty pay.
Line 71 now is Recovery rebate credit.

See link to draft.

http://www.irs.gov/pub/irs-dft/f1040--dft.pdf

[Bees Knees]

The IRS has the draft form 1040 available for viewing.
Notice line 23 has change from Educator expenses to Archer MSA deduction,
Line 34 has change from Tuition and fees deduction to Jury duty pay.
Line 71 now is Recovery rebate credit.

See link to draft.
http://www.irs.gov/pub/irs-dft/f1040--dft.pdf

A repeat of what happened two years ago. The Educator expense and Tuition and fees deduction expired December 31, 2007 (TTB pages 1-6 and 1-7). They can't apply to 2008 until Congress passes another extension.

Congress is now in the habit of waiting until everyone including IRS print their books for the year. Another reason to use the WebCD which can be updated for all the new stuff.

[Gene V]

Another reason to use the WebCD which can be updated for all the new stuff.

Now Bees, I’m impressed! I see on the WebCD the correct line 28, is showed for reporting the Impairment-Related Work Expenses. This is referring to the thread (Impairment-Related Work Expenses).

[Snaggletooth]

Hr 6049

There is, as we speak, a bill that was passed 263-160 by the full House, which restores all of these items, plus R&D and a deduction for property taxes for non-itemizers. (yes)
These items would be extended one more year and are still not permanent. Bush threatens to veto this thing because (at least ostensibly) it contains no AMT relief.

There are bits and pieces of tax legislation such as the above being sifted about in three or four such bills, but nothing comprehensive or certain. Congress apparently enjoys jerking us around until Christmas season, as this has suddenly fashionable for them to do.

Personally, I have become a huge fan of TTB Web CD. With the update service, this is our best tool to keep our reference material updated. Tax legislation is coming at us too fast and unpredictable, as well as with no regard to seasonality.

[erchess]

I think we need

a commission appointed jointly by Congress and the President (1/3 House 1/3 Senate 1/3 President) . The commission would re write all of the tax laws in the country from the tax code to all that the IRS produces and once their work comes online it would the only authority on the subject of Federal Tax Law. The law would be enforced by the US Tax Court and the US Supreme Court and precedents would have no value in arguments before either court, with the grounds being that the earlier decision you want to rely on may have been in error. The commission would be specifically NOT be allowed to empower the executive branch to write detailed regulations under particular provisions. Any amounts or thresholds etc could be linked to GAO Metrics such as the rate of inflation or even the size of the deficit. Their work would be due in say ten years, at the end of which time it would be subject to up or down approval by the Congress, the President, and the States, but without changes being possible. This would then be the tax law of the country until such time as we chose to repeat the process. I am sure that a Constitutional Amendment would be necessary to implement this idea.

[Bees Knees]

Now Bees, I’m impressed! I see on the WebCD the correct line 28, is showed for reporting the Impairment-Related Work Expenses. This is referring to the thread (Impairment-Related Work Expenses).

Whether it is a typo or a tax law change, the WebCD can be updated year round. Another example is when IRS came out with Pub 4655, Supplemental Instructions for 2007 Form 1040 and Form 1040NR. Even the IRS didn’t re-print or correct the 1040 instruction booklet for new tax law that came later. They simply released an obscure publication nobody ever heard of or knew about. The WebCD, however, on page 3-7 corrected the 1040 instructions and linked you to the new Pub. It even corrected the IRS Form 1040 instruction booklet and linked you to the new rules (see Form 1040 instructions, pages 33 and 34).