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Sequester, sequestration and talk of tax code change

Sequester is here. Has your life changed materially yet? In the run-up to the March 1 sequestration deadline, the possible effects of the $85 billion in spending cuts were a big topic last week at my other tax blog.

Bankrate Taxes Blog icon There was a lot of initial concern that the loss of funding for the Internal Revenue Service could could delay tax refunds. But the acting IRS commissioner told employees that furloughs would be postponed until after tax season.

While there is immediate interest in the short-term operation of the IRS under sequestration, a group recently gathered in Washington, D.C., to discuss the future of the 100-year-old income tax. It is time to retire the tax code?

You can check out new posts each Tuesday and Thursday at my Bankrate Taxes Blog. And if you happen to miss them there, you can find a wrap-up here the following weekend.

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