Slight Tax-Filing Delay Created By Fiscal-Cliff Deal: 5 Things to Know for the Week

Simon Zhen

Updated on Tue Jul 15, 2014

Early-bird tax-filers may be disappointed when they try to submit tax forms this year due to recent changes to tax code as part of the fiscal-cliff budget bill that was passed soon after the new year. Some taxpayers may be in for a shorter, and rushed, tax-filing season.

Eli Christman / Flickr |

Eli Christman / Flickr source

  • Over the weekend, international financial regulators have agreed on global rules that will ensure that banks carry enough cash in the event of a market crash. Starting in 2015, banks must hold 60 percent of this amount, and fully comply by 2019 (increase of 10 percent every year). The rules are part of a measure to prevent shocks to the global economy, such as those experienced in 2008.
  • Due to the late budget deal to avert the fiscal cliff, tax preparers may not be able to help clients file tax returns as early. Because of changes to some tax rules, certain tax forms are not yet available, which may delay the filing of some taxpayers’ returns.
  • HSBC Advance now pays 0.20% APY, down from 0.40% APY. The account was formerly offered by the now-gone online-banking division of HSBC (called HSBC Direct). In 2008, the account was a major competitor to ING Direct’s savings account but it appears that HSBC has slowly reduced the account’s appeal.
  • On Monday, U.S. regulators are expected to announce the finalized agreement regarding a $10 billion settlement involving at least 14 banks. The banks were accused of predatory practices that may have led to high rates of foreclosure.
  • It is a new quarter for credit cards that offer bonus cash back on categories that change every three months. Consumers with Citi Dividend, Discover More, Chase Freedom and U.S. Bank Cash+ Visa Signature cards will receive 5% cash back on certain categories — so remember to check these categories (and enroll) to get a little extra cash back on purchases.

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  • Eric Jackson

    The link to the Times Herald story is broken, FYI.

    • Simon Zhen

      Eric, thanks for catching that — the link has been fixed.

  • amy

    So is it safe to file taxes in this fiscal cliff ???? Without the gov snatchin my money away