World Ending - Taxes Continue

As I head into the filing season, I wonder if we will see a big drop in return filings in 2012. After all, the world is ending in 2012 so why waste the time on tax compliance?

This is it, 2012, the year that has been pointed to since the beginning of this millennium as the time the world will end. Proponents point to the Mayan Calendar ending in 2012 as proof. And if it’s not the Mayans, doomsayers cite Nostradamus or Revelations or Buddhist Eschatology. Want something more modern? There are end of the world theories that cite a rare planetary alignment in 2012 and let us not forget the planet Nibiru (Planet X) that is suppose to be our downfall.

There is no shortage of theories claiming that 2012 will be planet Earth’s last. And there are no shortages of experts pointing out logical, intelligent responses to each theory. But theories continue to be debated and the History Channel can load its schedule with all the documentaries that have been filmed on the subject.

So what is a taxpayer to do? Should they act normal and file as usual or hold off filing and see what happens. If the end comes, they’ve saved themselves a headache and maybe some money. But if 2013 dawns bright, the procrastinators will have more work to catch up. Actually, I think the “end of the world” defense will be used as a rational for people who would procrastinate and not file anyway. Maybe we’ll see it as an argument to convince the IRS to forgo interest and penalty; “You see, I shouldn’t have to pay interest and penalties because I expected the world to end and I felt the US wouldn’t really need my money.”

 More on all the doomsday theories.

McIntire Tax Center - on Facebook - on Google+ - or Twitter @ mactax