Patience Is Key For The 2008 Tax Year

We've gotten used to last minute tax law changes over the past several years. Most bills pass and are signed by the president in November and December each year. Tax year 2008 definitely takes the cake though! As of February 6, 2009, many individual and business federal forms for tax year 2008 have still not been released as FINAL by the IRS. Currently, many common forms are projected to be released by the IRS on February 17, 2009. We're keeping our fingers crossed here at TY that they'll be finalized sooner than later! As Congress and the president iron out details of this week's stimulus bill, some tax law changes may be retroactive and impact the 2008 tax year, causing the related tax forms to change again. For taxpayers who may benefit from the upcoming stimulus bill, it makes sense for Taxpayers to wait to file 2008 tax returns in order to take advantage of new tax breaks. Stay tuned for updates as we receive them!