Big Beautiful Stupid bill is the last straw

[Sara EA]

Today I put my EA status into inactive (still cost $140). Looking over my shelves of reference material and law books, I realized most of them are now obsolete.  Prior big changes in the tax code have made us adaptable and fast learners.  The year the ACA went into effect, coupled with new rules on expensing vs capitalization, all passed in December, sent us rushing into the classrooms and seminars, but learn we did.  We now have so much to unlearn.

The bits and pieces I've read of specific provisions of the BBB struck me by their complexity.  You can deduct car payment interest if this, that and another thing. Seniors get a bigger deduction but being married may take it away. Energy Star certification meant to go into effect this year is gone, and taking energy credits is now a labyrinth of rules soon to expire anyway. I doubt that the new above-the-line charitable deduction will be as simple as it sounds.  With the exodus of expertise at the IRS, I doubt the agency will be of much use helping us navigate these changes.

On top of all that complexity, I personally don't agree with the majority of the changes. I don't want to invest any time into learning the detailed details. I am a lifelong academic who spent most of my career in the Ivy League, doing taxes on weekends. Once I retired from academia, I couldn't stay out of the classroom--got a Master's in Taxation and usually took way over the required number of CPEs. It truly pains me to say for the first time in my life that I just don't want to learn about something, but this awful bill is it.  I tried to semi-retire this year but the office needed my help. Now I feel that my over three decades of experience are of no use in this new, morbid tax environment.

[Lee B]

Sara, I have always enjoyed your thoughtful posts and wish you a well desired retirement.

I understand how you feel.  If most of my time was spent on taxes I would retire too.

Fortunately for me, the majority of my time is spent on monthly write up work and payroll for my business clients, which I still enjoy ,so I will keep working.

 

[Corduroy Frog]

Sara, I agree with Lee B that you have been very astute and helpful to all of us.

Yes, the "Big Beautiful Bill [sic]" has so many phaseouts that we are almost entirely dependent on software, and the software providers will no doubt be charging us for the massive programming development.  I hate that because tax practitioners have been keypunch operators instead of tax analysts.

To make it even worse, not only will we depend on massive changes in software, SO WILL THE  I R S.  Can you taste the foulness in the air?

I wish our politicians would announce how much more it will cost to prepare taxes and quit talking about how wonderful these tax cuts may be.