IRS not cashing checks fast enough
Deductions demand documentation

Today's episode of Tax Extenders Folly

I know, I'm diving into the deep end of the tax wonk pool with my repeated posts about the tax extenders legislation.

But there are a few of us out there (here?), so welcome to today's installment of what is becoming a tax version of those serialized tales of yore.


When last we left our plucky band of tax writers, Senate Finance Committee Chair Max Baucus (D-Mont.) was trying to convince his colleagues in the full legislative body that his second, slimmed down version of the American Jobs and Closing Tax Loopholes Act of 2010, officially known as H.R. 4213, was what they wanted.

Alas for Baucus, deficit hawks and S corp advocates were having none of it.

Recalcitrant lawmakers again beat back the chairman's entreaties and, facing a looming weekend, he finally surrendered … for now. The Senate adjourned Friday without finishing work on the fractious tax and offsetting spending measure.

But Baucus vows to continue his efforts to gain support of Senate moderates in both parties. We're talking specifically about Democratic Sen. Ben Nelson of Nebraska and Republican Sen. Susan Collins of Maine; both voted against the package .

So how's Baucus going to spend his weekend?

Tax watchers on Capitol Hill say he'll extend his tax efforts (sorry, couldn't help myself) during the next couple of days, looking for ways to further trim the measure's spending provisions.

Then, armed with yet another version of the legislation, he'll make his case, and our next episode, when the Senate reconvenes next week.

Join us then, same tax channel, same tax time, for the thrilling conclusion -- or not -- of our tale!

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