A10: Not so good. I don’t think enough thought was put into the proposals. (1/2) #TaxBuzzChat

A10: Not so good - As we’ve seen before, what sounds simple when being drafted becomes complex once the IRS gets finished issuing rulings & regs. Or ends in unintended results. It’s time to a pause changes so the IRS, tax pros and public can catch their breath. (2/2) #TaxBuzzChat

A11: Stop the extremes and work together for the good of the country. (1/3) #TaxBuzzChat

A11: Maybe quote Will Rogers: “The difference between death and taxes is death doesn't get worse every time Congress meets.” (2/3) #TaxBuzzChat

A11: Simplify the tax structure – don’t continually change and complicate it. (3/3) #TaxBuzzChat

A3. Tough planning area. The market has been consistently on the uptick. Clients that wish to take advantage of the lower CG rates could sell to take advantage of the lower CG rates and buy right back since wash sale rules only apply to losses. #TaxBuzzChat

A5. One thing would be proactive in advising surviving spouses to take advantage of the portability of the diseased spouse’s unused estate tax exclusion, and another to take advantage of the annual exclusion. #TaxBuzzChat

A5. Where appropriate, take advantage of the direct payment medical and education gift tax exclusions for friends and relatives. #TaxBuzzChat

A6. I think there is some pressure on Congress to pass energy incentives, so will suggest to my clients that they delay any purchases until later in the year to have a better feel of when to purchase for the maximum benefit. #TaxBuzzChat

A7. For those who only marginally itemize each year it may be appropriate to develop a bunching strategy. #TaxBuzzChat

A3. I would request a Sec 6330 Due Process Hearing (Submit IRS Form 12153) which will suspend the running of the statute of limitations and freeze collection action giving you someone to discuss the matter with at the IRS Independent Office of Appeals. #TaxBuzzChat

A4. Try to reconcile the letter amount with what they should have received, or have the client verify the bank deposits. Last resort pull a 2021 transcript or verify the amount on the Child Tax Credit Portal. #TaxBuzzChat

A5. I expect there will be some extenders, and late as usual. #TaxBuzzChat

A6. There has already been some discussion by members of Congress. So, there is a chance even though most tax practitioners are against the idea. Just causes procrastinators to procrastinate longer. Besides there is the extension. #TaxBuzzChat

A7. There was some no noise about it, but that seems to have subsided, so I doubt it. Besides there is an abundance of unfilled jobs available. #TaxBuzzChat

A8. I covered that in my monthly client newsletter. Wonder how many tax preparers will discover clients with side hustles they have been concealing or forgot to mention. Then of course the issue of past year returns. Ethics and compliance issues. #TaxBuzzChat

A9. No, I don’t believe it was wise. My concern is the funds were spent furiously & what they are used to getting as a refund will be substantially less. Compounded by no longer receiving advanced payments. Waiting for the fraud shoe to drop. Remember advanced EITC? #taxbuzzchat

A10. Most reliable sources seem to believe the treatment should be the same as cryptocurrency. My only concern is the collectables issue. #TaxBuzzChat

A11. IRS Funding (Hopefully), Child Tax Credit, alternative fuel vehicle credits, home solar credit extension, increase in the corporate tax rate. #TaxBuzzChat

A12. The current backlog is due to staffing issues and the inability of staff to work from home because security issues. Long term is reasonable IRS funding by congress #taxbuzzchat