Clients confused over tax lawmaking

Accounting

Planning becomes particularly difficult when the deals, badmouthing and splintering partisan loyalties in Congress might — or might not — eventually determine how the average client files their taxes.

At least what confuses clients the most right now seems clear.

“That’s easy: all the tidbits of information that comes from the press long before something is actually enacted into law,” said Morris Armstrong, an Enrolled Agent and registered investment advisor at Armstrong Financial Strategies in Cheshire, Connecticut.

“What isn’t confusing?” said Ann Etter, a CPA and partner at Goodney & Associates, in Northfield, Minnesota. “We remind clients that the IRS has been underfunded and understaffed for several years now and that the Tax Code has changed multiple times in the past year.”

Here are some of the outstanding aspects of clients’ confusion.

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