As we come out of the busy tax season, it’s now when we get to take a closer look at what’s in motion on the tax front in Washington.  Here’s a quick synopsis of what we’re seeing.

• Federal Changes
  • These very much depend on who comes out the winner in November, and not much is expected to be accomplished until after the election.
  • Regardless of who wins, broad tax reform has been a consistent message of both parties, though with very different ideas on how that would look.
  • The “AMT Patch” expired at the end of 2011.  This rather technical issue is one that will have a big impact on average Americans in the 2012 year if they don’t do something about it.

We’ll keep watching for any developments and bring them to you as they come about.