I think this is what my CPA friend might be alluding too rather than a lunch carbo-coma. Poster Texas Booster's in post 12 gets to it, I think they might be in the biz if you will.
More importantly my question is will it be a joint meltdown, of the Business Community and the CPA Community as they both have to deal with this torrid paperwork exercise that will suck of gobs of their time and energy?
That might be the million dollar question.
I’ve beena CPA for nearly 40 years. They, whether Congress of President, have always messed around with Section 179.
The original tax code as enacted way back when, had one sentence:”Income from whatever source derived, shall be taxed.”
From a few simple words, easily understood by most, a blankety ***** complex, unintelligible, unreadable, and probably never has been read by any one person, cluster**** has originated.
Congress, please eliminate the current tax code and go to a gross receipts tax. Or take time out of your busy day, and read the mess you’ve created!