Tax Season Readiness at Risk
The keynote speaker at the Tax Trends Summit co-hosted by the American Bar Association’s Tax Section and Tax Analysts, Werfel said this time of year is a critical period for the IRS to prepare ahead of the filing season. Werfel likened the process to “opening night on Broadway.”
The work involves updating forms, instructions, and technology to reflect a “higher than average number of changes” in the Tax Code this time around due to the July 4 enactment of the OBBBA, which featured several tax provisions beyond extensions to expiring portions of the Tax Cuts and Jobs Act signed into law during President Trump’s first term in 2017.
To dig deeper, visit the original article on the Thomson Reuters blog.