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S. 2374, The Tax Technical Corrections Act of 2007 (2 comments ↓)
- This item has been mooted by the passage of another bill on the same subject or by other events. Check 'Related Bills' below to see if other bills on this subject have been passed into law. Mooted: 12/29/2007.
S. 2374 would amend the Internal Revenue Code of 1986 to make technical corrections.
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A presidential shell game:
President Bush recently sent out the "Economic Stimulus" payment notice. Meanwhile, the IRS code was changed for people working overseas (foreign earned income) that essentially has gutted the foreign exclusion.
This "Tax Technical Corrections Act of 2007" was passed in mid December 2007. This is AFTER people had worked the entire year believing they were eligible for the foreign exclusion. This gave people two weeks to save an enormous amount of money due to the IRS.
Even the printed forms and publications for the 1040 and 2555 being sent out in January 2008 were not accurate! There is little to no reference about this anywhere, except in the fine print of the online instructions for Form 2555! You now need Publication 4655 (revised in January 2008!!!!) to complete your taxes accurately!!!!
How can the government pass a law that is retroactive and force people to pay when they never had a choice?
June
This is so unfair.. I just found out this myself. Got a notice in the mail from IRS to indicate that I owe a huge amount back in May but when I called (several times), no one in IRS knew why either.. finally yesterday I got hold of someone that was knowlegible enough about this 4655 publication. When I complained, she said "life is not fair". Meanwhile interest and penalty are accruing. I am definitely going to protest on the penalty! Anybody in the same situation should take a serious look at using 1116 foreign credit option instead.