Tax Tip Tuesday: Tax Extenders Bill Update
Today we will discuss the status of the annual tax extenders bill. Once again, Congress needs to pass legislation to extend over 50 different items that expired at the end of 2014.
Unless Congress acts, taxpayers will be unable to use these provisions on their 2015 returns. Historically, they have extended these items for one or two years at a time. They are trying to make some of the provisions permanent, but have not had any success yet.
The Senate plans to adjourn for Christmas break on December 11th and the House a week later on the 18th.
We will be watching this closely and will issue a special edition as soon as something passes that the President is willing to sign.
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