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There was an IRS conference in New York in the last week of September. More than 5,000 tax professionals attended, including John Callahan representing Freedom Tax in Culpeper.
The IRS indicated there will be 321 new changes to the income tax laws for 2013. They discussed only five of those changes in detail:
The Earned Income Tax Credit will be eliminated for 2013.
Child Tax Credit will be eliminated.
The deduction for teachers credit of $250 will
Medical deduction will go from 7.5 percent of your income to 10 percent, causing you to lose an additional 2.5 percent in medical deductions.
The energy credits for appliances are also to be eliminated.
These changes were the only ones discussed with the attendees. The IRS instructors said they were waiting for instructions from the White House in reference to the rest of the required changes in order to include the amendments to the IRS software.
If these changes are made, as stated by the IRS representatives, they will have a huge impact on income tax returns for everyone--in particular, those who depend on income tax refunds to help financially. People who have been receiving several thousand dollars' refund due to the EIC will not have a refund for 2013.
The Obama administration is implementing these changes. The very middle class he claims to help, he
J. Dori Callahan