2012 Tax Relief Bill is pass

The US Senate passed a bill extending most of the tax breaks in effect in 2012, including the AMT patch and the extenders provisions.  The bill is expected to pass in the House and be signed into law by the President, soon. Some taxpayer may have to wait again, like they did in 2011, until mid February until the IRS may all adjustments to forms and computer processing code.

This bill was passed because of fear of the economy going into recession on more time. Details will follow, so consult with your tax accountant (i.e., CPA) for more up-to-date information.

Source: IRS.gov



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