Eleventh Hour Tax Law Changes Causing Trouble for Taxpayers

What happens if you don’t pay your taxes? The IRS comes after you, right? But what happens if you pay too much in taxes by missing some deductions that are due you? Nothing.

Deductions are up to you and your accountant. You can’t really blame the IRS for this reality; they’ve got their hands full with processing on-time taxes and dealing with deadbeats. But what if you don’t know about the deductions? This is what’s happened with some eleventh hour tax bills passed by Congress.

The new tax laws, designed to help the tax payer, are creating their own set of problems because they are getting passed so late in the game. When this happens the IRS doesn’t have time to publish their documents for a given year with the amendments on time. So they have to decide whether to delay the release of these documents or simply issuing them without the amendments. Either scenario is a headache for taxpayers and a nightmare for accountants.

What to do if you think that you might be eligible for one of these last minute deductions? Well, given the nature of the situation it’s difficult for individuals to keep up with the minutia of tax law. But the IRS allows tax payers to amend previous year’s taxes for up to three years. Check out the IRS’s amended tax returns for more information.