IRS Release of 2012 Forms

[Lion EA]

This just received from CCH:

Status of IRS Release of 2012 Government Forms and IRS Approach to Pending Legislation

With tax season approaching while Congress remains in session considering legislation that impacts 2012 tax returns, the IRS has begun releasing forms with flexibility to accommodate retroactive changes to 2012 tax law. The current IRS approach is to leave the forms in 2011 format, replacing the descriptions of lines with lapsed tax provisions with "Reserved." To date, Forms 1040, 1040A, 1040NR, 1040 Schedule A, 3468, 3800, 4136, 6478, 6765, 8689, 8820, 8834, 8835, 8844, 8845, 8859, 8864, 8900, 8908, 8909, and 8910 contain reserved fields. Additionally, the IRS has not officially released even draft versions of Forms 1065, 1120, 1120S or 1041.

[Jack from Ohio]

Government efficiency at its finest.

[jainen]

>>Government efficiency at its finest.<<

I think it's clever! I think it's smart and practical. I thnk it's an elegant solution to a problem IRS can't address directly. I think it shows executive leadership without criticism of the legislature. It just moves ahead and gets the job done with maximum speed and minimum cost.

[kcjenkins]

I think it is an awkward but practical solution to a complex problem. We all know that SOMETHING is going to change, but not only the 'what' but the 'when' of the changes is impossible to determine at this time. And we all know that come Jan, all those hundreds of thousands of people who get big 'refunds' of money that they did not pay in are going to be screaming if there is any delay in them getting their annual 'gift' from their favorite Uncle. Many of those will not be effected much either way, and they will want to file on the first day, as they have come to expect to be able to do.

[Randall]

All the news is about the fiscal cliff and things that will affect 2013. But these extenders that expired 12/31/11 need to be addressed for the 2012 tax returns. Hopefully, they'll take care of this even if we go over the cliff on the other things.

[Don in Upstate NY]

... But these extenders that expired 12/31/11 need to be addressed for the 2012 tax returns. ...

Actually of course they WERE addressed when they were first enacted (or later changed). When congress in it's wisdom decided that sales tax could not be used as an itemized deduction after December 31, 2011, they must have had a good reason to do so. Why should we demand that they change their minds now?

Our country needs fiscal integrity and stability. What could be better than intending to carry out the laws that we pass?

[Randall]

Don, my point and I think IRS's approach is that they have extended these things at the last of each year for some years now. The expectation is that they will do so again this year. Yes, it would be nice fo have fiscal integrity and stability. Good luck with that one.