The U.S. House and Senate are currently working on various tax provisions that expired at the end of 2013. Many provisions, including bonus depreciation and charitable contributions directly from an IRA, have been extended year after year. Now there are some in Congress who want these provisions to be permanent.
The House has been rolling out several of the tax extenders as stand-alone bills and wants to make them permanent. The Senate has been working on one large bill that only extends these provisions for two years.
Which option will be successful? Will we see any tax bills passed before the November elections?
We will keep watching and will let you know as soon as both sides can come to an agreement.
Tax Tip Tuesday is taking a break for a couple of weeks. We will release a special edition if Congress comes to an agreement.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein