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Posted by Ted on May 28, 2008, 4:13 pm
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>
>> Congress can pass a law that takes effect any time they want it to.
>> Normally there is a lead time before it goes into effect, but they can
>> have make it effective immediately.
>>
> Or even retroactively.
>
So there is no safe time to know the tax laws are final... okay.
Generally speaking, about when in the year are they "usually" "essentially"
final for that year.
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<< nor can it used, for the purpose of avoiding penalties >>
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<< >>
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Posted by Stuart Bronstein on May 28, 2008, 4:21 pm
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>>
>>> Congress can pass a law that takes effect any time they want it
>>> to. Normally there is a lead time before it goes into effect,
>>> but they can have make it effective immediately.
>>>
>> Or even retroactively.
>>
> So there is no safe time to know the tax laws are final... okay.
> Generally speaking, about when in the year are they "usually"
> "essentially" final for that year.
I'd think you're be pretty safe by Christmas - of the year you are
concerned about, of course.
Stu
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Paul Thomas, CPA on May 28, 2008, 4:47 pm
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>>
>>> Congress can pass a law that takes effect any time they want it to.
>>> Normally there is a lead time before it goes into effect, but they can
>>> have make it effective immediately.
>>>
>> Or even retroactively.
>>
> So there is no safe time to know the tax laws are final... okay.
> Generally speaking, about when in the year are they "usually"
> "essentially" final for that year.
For sure by December 31st.........not sure what year though. Pretty sure
we're set on the 2007 return year laws.
The bulk of the tax laws are already "final" for 2008, as there are no
whispers of changes in most tax laws. It's those things that you hear about
this fall that may get changed (the usual suspects, AMT, extenders, etc),
and some past changes have been well into the new year and they make them
retroactive to the beginning of the prior year.
If there is a specific section that you have concerns about, there are many
sources to see what legislative actions are pending in those areas. Most of
those reporting sources are pay-to-play, so it's not worth it to pay for
information you don't need, but someone here might subscribe to the updates
that concern you. Ask and you might receive some useful information on
pending legislative changes concerning topics related to you.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Drew Edmundson on May 29, 2008, 10:49 am
Please log in for more thread options On Wed, 28 May 2008 16:47:06 EDT, "Paul Thomas, CPA"
>
>>>
>>>> Congress can pass a law that takes effect any time they want it to.
>>>> Normally there is a lead time before it goes into effect, but they can
>>>> have make it effective immediately.
>>>>
>>> Or even retroactively.
>>>
>> So there is no safe time to know the tax laws are final... okay.
>> Generally speaking, about when in the year are they "usually"
>> "essentially" final for that year.
>
>
>
>
>For sure by December 31st.........not sure what year though. Pretty sure
>we're set on the 2007 return year laws.
How soon we forget Bush's March 2002 tax law known as the
Job Creation and Worker Assistance Act of 2002 that changed
some 2001 tax laws in response to 9/11. Or Clinton's 1993
tax law that retroactively changed the law for dead people.
There are often technical corrections that are passed years
after the original error was made. For example in the JCWAA
of 2002 (see above) there was a correction that was
retroactive to tax years beginning after 12/31/1983. Yes
1983. The correction was to the advanced payment of EITC.
--
Drew Edmundson, CPA
Cary, NC
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by D. Stussy on May 28, 2008, 6:54 pm
Please log in for more thread options > At what point can one reasonably assume the tax laws (regulations? codes?)
> are final for 2008?
>
> December 31, 2007?
> December 31, 2008?
> April 15, 2009?
> or some other date?
When the President signs it or Congress overrides his veto - just like any
other federal law.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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