The Internal Revenue Service is pushing back the printing schedule for a number of its tax products, including several versions of the 1040 and 1099 forms.Earlier this month, the IRS warned the Senate Finance Committee tax staff that delays in enacting a number of expiring tax breaks could have an adverse impact on tax administration -- affecting outside contracts with vendors to get the forms and instructions printed, and possibly eventually having a negative impact on collections.
Among the breaks not tackled by Congress as the option to deduct state and local sales taxes in place of state income tax, a deduction for college tuition and fees, the deduction for school teachers, and a research and development credit for business. Many tax forms will be released prior to the “lame duck” session of Congress, which is the earliest opportunity for renewal of the cuts.
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