Untenable

[RitaB]

26 minutes ago, BulldogTom said:

And 1 middle finger is the ex-hubby?

Tom
Modesto, CA

That is allowed, yes.  There are a lot of options on that one.

[Lion EA]

Well, 2/8 is just hours away.  How's our fine Congress doing on keeping our government running?  And, did they find enough time to discuss the Extenders?  I just completed  the returns for my stepdaughter and her husband.  He's getting his MBA at night.  Their refund would be $261 more if the Tuition & Fees Deduction is extended vs. the Lifetime Learning Credit.  Any predictions?

[jklcpa]

It's being discussed but I don't have a good feeling that there will be agreement between House and Senate, or the fact it's being mentioned to revisit the extenders later in the year. My own feeling is that if agreement isn't soon then it might just be dead in the water, because really, how long into this year can this go before deciding that making laws retroactive and applicable to 2017 is not acceptable.

I tried to find a good nonpartisan article, if there is one, and this from Reuters is best I could come up with, but it talks more about industry-specific extenders and not the more generic ones like most of us here are probably waiting for: https://www.reuters.com/article/us-usa-tax-extenders/house-republicans-to-scrutinize-narrow-extender-tax-breaks-idUSKBN1FQ394

If this post or the article seems too political for anyone, just hit the "report" function and I'll take it down.

[BulldogTom]

37 minutes ago, jklcpa said:

If this post or the article seems too political for anyone, just hit the "report" function and I'll take it down.

IMHO, there is nothing at all political in what you just said.   This is the state of our government, which affects our profession.  If you blame them all, then you aren't on any side, just the right side, of the argument.

I happen to agree with you.   It is not gonna happen this year.   But if it does, there is some money to be made on amended returns.

BTW, the Senate looks like they are going to pass a 2 year budget (who knows if the house will go along or if the POTUS will sign it if they do).  I don't think it includes the extenders.  With all the extra $$ they put in for the Military and Social Programs, I don't think that the cost of the extenders is going to fly if they try and tack them on.   But who knows, they are spending money like a drunk sailor this year, and they have not even started on infrastructure.

I hope this does not sound political either.   It is just what I see as the reason we will not get extenders this year.

Tom
Modesto, CA

[Jack from Ohio]

My observed and experienced opinion:

There will be no action by Congress on any level concerning extenders.  

I am willing to bet anyone a banana split on this one!!