Dear CPA: Does this legislation affect 2008 returns?
Dear Taxpayer: Generally, no. The new legislation does not have any major impact for the vast majority of individuals preparing their 2008 tax returns due April 15. Instead, these changes will largely impact 2009 tax returns filed next year, in 2010. Taxpayers should continue to prepare their 2008 tax returns as they normally would. And remember, the sooner you provide complete and adequate information to your CPA, the sooner your return will be prepared!
