Current State of Tax Legislation
The elections are over in most states and we know that the Republicans will control both the House and Senate starting in 2015. However, we still have a split for the rest of 2014 with a Republican House and Democratic Senate.
With that split remaining in Congress, we have a lot of tax legislation that they need to address including the Section 179 deduction and bonus depreciation along with a very long list of items that are normally extended one year at a time. These are items that effect 2014 tax returns.
Congress also needs to pass an appropriations bill to avoid a government shutdown by December 11, 2014.
We will be watching this closely and will keep you informed.
Next week, we will be taking a break for Thanksgiving. However, if Congress passes a tax bill, we will release a special edition of Tax Tip Tuesday.
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