When Washington averted the "fiscal cliff", most taxpayers may have been relieved, but those in the tax business were just rolling up their sleeves.
At a Downtown Houston hotel, the city's certified public accountants meet every year to review tax changes that have made them particularly busy this year.
The "fiscal cliff" agreement brings a significant set of changes that tax professionals need to be aware of before taking care of their clients.
"It's very complicated because it involves changes at many different levels of income. If you're not aware, you can underpay your taxes and be exposed to unnecessary penalties and interest when you do file your tax return," Houston CPA Society President-elect Tom de Georgio said.
The IRS is also delayed in finalizing tax forms, making delays likely in processing returns. Professionals stress: make sure you have the latest updates before filing this year's taxes.
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