Will the start of the 2014 Tax Season be delayed?

It isn’t even July yet and there is already talk in the halls of Washington about a delay for the upcoming tax filing season (2014).  While there have been some positive steps on a number of issues that affect many taxpayers, it appears the bulk of the work related to a number of tax extenders will not get completed until the “lame duck session” of Congress that occurs after this year’s November elections.  Below is an article by Michael Cohn, the editor-in-chief of AccountingToday.com, which points out some of the reasons as to why we may see another delay in the start of the 2014 tax filing season similar to what we saw with the 2012 tax filing season.

 

Washington, D.C. (June 13, 2014)

By Michael Cohn, Editor-in-Chief, AccountingToday.com

Sen. Charles Grassley, R-Iowa, the former chairman of the Senate Finance Committee, is warning that tax season could be delayed next year if approval of tax extenders legislation is put off until after the mid-term elections in November.

Grassley pointed out in a speech on the Senate floor Thursday that Senate Majority Leader Harry Reid, D-Nev., expressed the view last week that legislation for extending dozens of expired tax breaks is unlikely to be passed until a lame-duck session following the election. “The majority leader blames this on the minority, but it is the majority leader that is uniquely situated under Senate rules to determine what legislation will be considered on the Senate floor,” said Grassley.

“The majority leader’s excuse for not proceeding to extenders before the lame duck is that Republicans are seeking to offer amendments unrelated to tax extenders. This excuse simply does not fly.”

Senate Minority Leader Mitch McConnell, R-Ky., has also voiced skepticism about a tax extenders bill passing this year before the election, given the basic disagreement between both parties over tax reform priorities. Leaders of the Senate Finance Committee have announced a series of hearings over the summer to move ahead on tax reform (see Senate Leaders Plot Path for Tax Reform).

For the full article, continue here:

http://www.accountingtoday.com/news/government_news/grassley-warns-of-tax-season-delay-next-year-70971-1.html