Last week, the Supreme Court heard three days of arguments regarding the constitutionality of the Health Care Act of 2010. The Supreme Court will release its decision in June. As I see it, the options the court has are to uphold the law in its entirety, throw out all of it, or cut parts of it. Whatever the decision, we will do our best to keep you abreast of the impact upon you, the small business owner.
Whatever the courts decision, the impact upon you, the small business owner, is significant and you will have to make changes to comply with the law.
But the Supreme Court case underscores the challenges our county is facing, what is coming is the potential for significant change. In fact, as a nation....
......Change and Instability is all Around Us
These are truly historic times we are living in. We have:
Tax season is beginning and there are lots of changes this year. Besides the normal "book" of tax law changes, the IRS has added more forms, more questions that must be answered on tax returns, more due diligence is expected by tax preparers and e-file is required if your tax return is prepared by a professional tax preparer authorized to prepare returns by the IRS. The IRS is not making our jobs easier as tax preparers. They are certainly not making the tax code more understandable and no one disputes that fact!
The change we all understand is the move towards e-filing which makes processing returns at the IRS much more efficient. But even the IRS can make that process a little bit complicated. This year virtually all paid tax preparers must electronically file federal income tax returns for individuals, trusts, and estates starting January 1, 2011. Like all requirements, there is a loop hole, but it takes another form to be filed to get out of e-filing your return. If you choose to not e-file your individual income tax return that we prepared you must sign a waiver form and send it to us. You also must attach this waiver with the paper return and send it to the IRS.