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The IRS is Warm and Cuddly Again

Posted on by Caleb Newquist

IRS_logo-thumb-150x140.jpgObviously not wanting to ruin its grandmotherly image, the IRS has announced that will extend its deadline for certain taxpayers to submit their “Report for Foreign Bank and Financial Accounts” or FBAR.
The administrative relief is for “taxpayers with signature authority over, but no financial interest in, a foreign financial account, and taxpayers with a financial interest in, or signature authority over, a foreign commingled fund.”
Perhaps realizing that putting the gun to the collective head of taxpayers that have foreign bank accounts isn’t the best approach or coming to the conclusion that the drop dead filing date of September 23rd just didn’t make any damn sense, the new deadline is now June 30, 2010.
IRS Extends FBAR Filing Deadline Again [Web CPA]

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BREAKING: Tax Reform Will Be a Long Process

Yesterday in a Senate Finance Committee hearing, Senator Max Baucus (D-MT) said that he would like a “weekly set of get-togethers” to address reforming our tax code. You see, Baucus was having similar weekly hearings for two years leading up to the healthcare reform bill that was passed last year. And since those were such a hoot, he figures attacking a equally polarizing issue like tax reform will demand a similar strategy. However, witnesses before the committee – all former assistant Treasury secretaries for tax policy – warned that this debate will likely haunt our dreams and news cycles for a long time:

Fred Goldberg, Jonathan Talisman, Mark Weinberger, Pamela Olson and Eric Solomon discussed, among other issues, the difficulties in crafting a revenue-neutral tax reform plan; problems with the alternative minimum tax and the tax exclusion for employer-provided healthcare; and issues with double taxation in the corporate code.

The former Treasury officials also declared that any successful overhaul of the tax code could take several years and would require leadership from the Oval Office.

Now for the older crowd, the long arduous process of tax reform harkens you back to days of when Charlie Sheen was winning by dodging…er, Charlie in Platoon. For many of the Millennials, well, you were all a lot cuter back then.

“We saw that in 1986,” Weinberger said. “President Reagan at the time made it his No. 1 domestic policy initiative and it still took over two years and failed three times before it was ultimately enacted into law.”

Baucus wants weekly tax reform hearings [On the Money/The Hill]