Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report

Comic-Con turns 50

Jul 19, 2019

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace
Fiscal Cliff

Fiscal cliff rewrites the calendar for the IRS

Nancy Marshall-Genzer Jan 9, 2013
Share Now on:
HTML EMBED:
COPY

Think of the IRS as a huge ship slogging through a sea of red tape. The captain sends out an order: Turn the ship around! We’re headed for an iceberg. Or maybe a fiscal cliff.

It’s going to take some time for the good ship IRS to plot a course that includes 2012 tax changes in the fiscal cliff deal, says Scott Hodge. He heads the Tax Foundation, a Washington think tank.

“The IRS is a very inefficient, bureaucratic and slow-to-move operation,” he says.

But Hodge says, as fun as it is to bash the IRS, it’s not entirely to blame. Hodge says the White House and Congress dragged out the fiscal cliff debate, making the IRS scramble now to re-program computers and print forms.

Len Burman is an economist and tax expert at Syracuse University. He says there’s a good reason the IRS is taking some extra time.

“The people at the IRS are very risk-averse because if they make a mistake there’s hell to pay,” Burman explains.

So the IRS says it won’t start accepting tax returns until Jan. 30 — eight days later than usual. John Hewitt is founder of Liberty Tax preparers. He says tax refunds will now be delayed by about eight days. That could hurt filers who diverted money to holiday expenses, counting on their refunds to cover their bills.

“So they’ll have more penalties in terms of bad checks, late rent, late automobile payments, etc., etc.,” he says.

Because, even if the IRS gives itself an extension, we still have to pay on time.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.