Leaderboard

I have no faith that congress will agree on anything in the near future, so I'd go ahead and file. However, keep a list of clients who lose out on perks that might someday be retroactively extended (PMI, energy credits, tuition and fees adjustment etc). That way you'll know who to amend this summer. I wish we did that last year when sometime in Feb congress passed the extenders. We don't have an early season clientele and had only done 70-80 1040 returns, but we had to go back and look at every one to see if they were affected. Of course there were those who got corrected 1098s from their banks. Are the banks this year putting PMI on the 1098 just in case? Congress does just not realize or care about all the extra work they make for banks, IRS, and preparers when they can't get their act together before tax season.

Both the prop reg released in August and the final version released last week are well written and have excellent examples. I took the time a couple months ago to read through the proposed reg and work through the examples. Working through the examples was a great learning tool for me. The real meat of the final reg are the operational rules starting on page 156. There is a table of contents starting on page 151 which makes it easy to navigate through the operational rules.