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A Christmas gift from the IRS; Tax reform bill expected to pass this week

Photo by Chad Madden on Unsplash

'Twas the week before Christmas, when all through the house…

When out on the lawn there arose such a clatter,

I sprang from the bed to see what was the matter.

Away to the window I flew like a flash,

Tore open the shutters and threw up the sash.

The moon on the breast of the new-fallen snow

Gave the luster of mid-day to objects below,

When, what to my wondering eyes should appear,

But the IRS’s new technology failing before the end of the year!

Yea… that’s right. It looks like there might be some delays in getting our 4506-T results. According to a recent report over the weekend, the IRS’s new authentication system, Income Verification Express System or IVES… has gotten off to bumpy start. Currently, there is no specific information on what exactly the problem is or what the IRS plans to do to correct the issues… but we all know that during the first quarter it’s not exactly a breeze to get tax returns validated… add this gaffe to the mix and we should all be in for a treat to start off 2018! It might be worth locking in your new deals at 45 or even 60 days in anticipation of delays.

It appears that the new tax reform bill should pass through both the House and Senate this week. Last week, I commented on the negotiated changes that would impact the bills most highly contested updates and it looks like both sides have come to an agreement… this leaves it up to President Trump to execute the bill and make it a law, which some say could be done by the end of the week. It’s fun when government works!

The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.

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