Paying Attention

[erchess]

This is a Poll to answer the question "When do you start paying attention to possible changes in tax law?"

[JohnH]

I voted for "When a Version Passes the House or Senate", because it's sometimes interesting to read the initial version and then watch how it gets massaged, diluted, altered, and often morphed into something unregonizable by the time it gets to conference. I only do this occasionally, usually when it's something getting lots of coverage in the press, and I rarely discuss it with clients except in very general terms until final passage. It really is true that the two things no one wants to watch being made are sausage and legislation.

[JoshinNC]

See my post on the "Real Winners" thread

I am a political junkie, so I watch CNBC all day (it's on in my office, excercise room and even gets TIVOed because the system assumes that that's all I want to watch), so I hear about many various possible tax law changes through this medium. I also keep my internet and car radios tuned to talk radio 24 hours per day (Boortz from 8:30 - 1, Clark Howard until I leave the office at 3, local radio host until 6 and then Hannity and Levin until I head to bed). Alot of what gets covered on talk radio certains around either political mistakes or proposals, which lately seem to have a lot to do with taxation or finance (my other guilty pleasure).

[dtlee]

I generally wait for a law to be signed, or at least on its way to the President's desk before delving into it, but in the last few years, I have started watching more closely.

For example, I started reading about the UDC rules back in May of 2002 when the IRS began proposing them and I have been watching Congress' actions with regard to the AMT thresholds and the zero Capital Gains rate and Kiddie Tax changes in recent years.

There are some really badly written laws being passed and I tend to wonder whether these folks in Congress have any concept of what they are doing. As an example, one U.S. Senator from our state three years ago at a graduation ceremony reminded us that it was his actions that made it possible for every family in the country earning under $250,000 to take an Education Tax Credit. This year he was back again, but the amount he quoted was now $200,000. The fact that neither figure matches reality makes me wonder if he had any idea what he was voting on.

Perhaps we need to have a poll asking the members of Congress when they start paying attention to possible changes in tax laws?

[les grans]

I didn't see where I could have cast my vote for "Shortly after my boss first mentions that he's heard something about it."

[Lion]

After it's law

Well, I pay CLOSE attention after it's law. Then I want to read everything I can. But, I don't ignore it before that. I want to know what it is my clients are hearing from politicians, newspeople, etc. I want to know what's coming; maybe it's something I should take a course in. I just don't want to memorize something, really KNOW something, that's not law yet and have to unlearn it to be able to learn about the new law or continue the old laws if that's what happens. It's hard enough each year to unlearn last year's standard deductions and income phase-out for various lines and on and on. So, I don't want to clutter up my head with too much detail when that detail is not yet law.

[S T]

After

After it's law for sure, but then I find that I receive phone calls prior so have to do some research to get up to speed, and then advise the client, that the law hasn't passed yet.

As Bees stated, there was so much mis-information on the Stimulus Package, clients were calling, etc. you just have to watch, wait and listen for the true and "final". I still have clients calling for what they think is wrong with their Stimulus rebate based on the early information on the Stimulus Package.

Sandy