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Comments for David Knoble, CPA, PLLC http://blog.knoblecpa.com Serving Non-Profits, Privately Owned Businesses & Individuals Tue, 18 Jan 2011 20:20:17 +0000 hourly 1 http://wordpress.org/?v= Comment on Taxpayers Itemizing Must Wait! by david.knoble http://blog.knoblecpa.com/2010/12/taxpayers-itemizing-must-wait/#comment-129 david.knoble Tue, 18 Jan 2011 20:20:17 +0000 http://blog.knoblecpa.com/?p=410#comment-129 Excellent question! The law allows congress to change the tax law for the current year! This means that on 12/31 congress can create a tax law that goes into effect on 1/1, 12 months prior. Of course, this can make tax planning difficult and congress is sensitive to that. The hold up this year is the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act, P.L. 111-312 ). This is tax law that effects the tax year 2010! This is why we have to wait to file our itemized tax returns! Excellent question! The law allows congress to change the tax law for the current year! This means that on 12/31 congress can create a tax law that goes into effect on 1/1, 12 months prior. Of course, this can make tax planning difficult and congress is sensitive to that.

The hold up this year is the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act, P.L. 111–312 ). This is tax law that effects the tax year 2010! This is why we have to wait to file our itemized tax returns!

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Comment on Taxpayers Itemizing Must Wait! by Cindy Rich http://blog.knoblecpa.com/2010/12/taxpayers-itemizing-must-wait/#comment-128 Cindy Rich Tue, 18 Jan 2011 17:42:39 +0000 http://blog.knoblecpa.com/?p=410#comment-128 But why do they have to change Schedule A for 2010 - the tax cuts extended are for 2011 - we are filing 2010 taxes now?? But why do they have to change Schedule A for 2010 — the tax cuts extended are for 2011 — we are filing 2010 taxes now??

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