On February 9, 2018, both houses and President Trump passed their version of an extender bill. Extender bills extend expiring tax deductions and credits another year, they're usually passed in December but this year they were busy with Tax Reform and ignored extender provisions.
Anyhow, tomorrow is two weeks, and the IRS still has NOT told software companies how to proceed. What does this mean? for people like me who are paying attention and want our clients to benefit from as many deductions as possible, like the recently extended mortgage insurance premium (PMI) deduction, it means scores of returns are in the hold pile
For some, who just want to get work off their desk, it means a deduction people are entitled to is not being taken.
I'm thinking many people are not even aware of the extender bill being passed, so they're just preparing returns not even knowing their clients are getting fucked.
Anyhow, if your income is below $ 110,000 and you're paying PMI, the PMI is still deductible but tax professionals and software companies can't deduct such just yet
Anyhow, tomorrow is two weeks, and the IRS still has NOT told software companies how to proceed. What does this mean? for people like me who are paying attention and want our clients to benefit from as many deductions as possible, like the recently extended mortgage insurance premium (PMI) deduction, it means scores of returns are in the hold pile
For some, who just want to get work off their desk, it means a deduction people are entitled to is not being taken.
I'm thinking many people are not even aware of the extender bill being passed, so they're just preparing returns not even knowing their clients are getting fucked.
Anyhow, if your income is below $ 110,000 and you're paying PMI, the PMI is still deductible but tax professionals and software companies can't deduct such just yet