While practitioners are still scrambling to make sense out of the recent tax reconciliation legislation, significant changes in tax legislation are already in effect for 2006 - changes that may have a huge impact on the tax pro's 2007 tax filing season. And since it's an election year, tax pros will have to keep a close watch on any additional legislation that makes it into law impacting 2007 filings.How the practitioner community prepares for those changes now will make a big difference in the success of that filing season, which is really just a few months away.
Over the last few months, Internal Revenue Service officials and tax experts have provided information on the ways in which tax legislation is changing and what tax practitioners need to do now in preparation for the 2007 season. Some of the major changes and potential changes to look for when preparing 2006 federal returns were highlighted in a recent Tax Talk Today, the monthly Webcast sponsored by the IRS.
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