From our editor
Thanks to our always entertaining members of Congress, what we know as the Bush tax cuts will probably hang around until after the next presidential election. The good news is that new tax legislation provides a reason to contact our clients, fodder for small talk around the water cooler (even if it's a virtual water cooler like Facebook), and fresh ammunition for heated political arguments with family members over holiday meals. The new legislation also means some interesting changes, including that short-term reduction in Social Security withhold ing, an end to the pre-payment of Earned Income Tax Credit, and plenty of other fascinating and controversial bits. Lower tax rates apparently aren't enough of a Christmas present for certain jolly red-suited gentlemen this season who might not be paying their fair share of taxes. Humbug!
And as a reminder: Tax preparers who expect to sign their name on tax returns come spring had better put their quills and inkwells aside until they hop online to the IRS's PTIN site and apply for or renew their very own Preparer Tax Identification Number (PTIN).
Regards to all,
Gail Perry, CPA
Editor-in-Chief
editor@sift-media.com
