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IRA Braces For Fiscal Cliff Chaos

30 Oct 2012

IRA Braces For Fiscal Cliff Chaos

Uncertainty about the fiscal cliff, a tight budget, and turnover at the helm threaten to disrupt the Internal Revenue Service’s 2013 filing season, which could mean headaches for businesses and individual taxpayers. Whether or not—and when—Congress extends roughly 100 fiscal-cliff tax provisions will decide how the IRS readies forms, instructions, and withholding tables for 2013, which in turn determines how much each household and business must contribute in taxes next year. If Congress waits till the eleventh hour to cut a deal, that would give the IRS just weeks to finalize – and perhaps revise completely — the work of its entire filing season, which could lead to errors in the system.

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