With the Tax Code constantly in a state of flux with new tax laws, not to mention delayed effective dates on tax provisions, sunsetting provisions, and phase-ins and phase-outs, every year offers some new wrinkles for tax professionals to worry about.The 2007 tax year is no exception.
As we saw in 2006, sometimes the tax changes for a particular year are not nailed down until December, or sometimes even later. Based on what is currently in the legislative hopper, it is possible at this point to identify new tax provisions for 2007 that tax practitioners and their clients should be aware of, as well as provisions that might expire at the end on 2007 and with respect to which the possible tax benefits may be lost unless action is taken this year.
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