Bloomberg quoted Edward Reitmeyer, Mid-Atlantic Regional Partner-in-Charge of Tax & Business Services, on the absence of final IRS rules, due to the government shutdown.
By Laura Davison
Taxpayers that don’t take the prudent approach could end up paying their accountants to prepare their returns twice, said Ed Reitmeyer, a regional partner-in-charge at accounting firm Marcum LLP. Before the proposed regulations were released, some companies paid their lawyers to restructure their business in an attempt to get a bigger deduction, he said.
“Then the regulations came out and quashed all of that,” Reitmeyer said.