Frankly wrote:It has been widely reported that with the passage of the tax bill, extenders were virtually dead.novacpa wrote:Your "Capitol Hill Connections" didn't know about this? "Virtually Zero"...hahahaha
"Widely Reported". Riiight.
In the Trump era anything to do with anything is ALWAYS reported with a political slant against him whether it's an insider or an actual reporter. If somebody has inside sources they really need to understand their politics. If they're against the prez I wouldn't believe a word they say. These extenders were discussed at the Drake seminar I attended last December. It was known that these extenders were not included BUT it was also assumed that these would get done and it would be at the very last minute.
We had meetings in the office to make sure to be aware of these items for the few early filers who've come in and we've been holding a few of them back just for this issue. Frankly (no pun intended) it just didn't make sense that these would be allowed to die. Imagine the headlines: "Family lost their home and now has to pay TWENTY GRAND in taxes". All because the COD income exclusion for a foreclosure didn't get extended. For something like that everybody would get hammered not just Trump.
The same thing will probably happen with a corrections bill for the TCJA. It will get attached to something much bigger and may not get reported either until it's done but it will get done.
Bob