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 20...

​We have been keeping you updated on the status of the extenders bill, which Congress has yet to pass. But as a start, at least the Ways & Means Committee has approved some tax bills.

On September 17, the Ways & Means Committee approved the following tax-related b...

On July 21, the Senate Finance Committee approved the extenders bill.  This bill includes the extension of 52 tax provisions that usually get extended each year.  It includes reinstating the section 179 expense amount back to $500,000 and also includes the 50% bon...

“What is the current status of Code Section 179 for the calendar year of 2015?”

That is the question that I have been asked multiple times in recent weeks. 

As of right now, the Section 179 limit for 2015 is $25,000. That’s dramatically lower than in 2014 when it was $50...

Today we have an update in regards to some end of year-end tax legislation.

The House has passed a bill that would extend 55 different provisions that expired at the end of 2013 through the end of 2014.  This includes the $500,000 Section 179 limit, 50% bonus depreciat...

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, w...

We are continuing our discussion from last week on year-end tax planning challenges. 

Businesses that have benefited from the generous $500,000 Code Sec. 179 expensing limit for tangible personal property (and certain software) for the past few years may be in for a s...

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax b...

Welcome back from our summer break.  This year has been very slow in terms of new tax legislation.  However, we do have some new items that have come from the IRS and the Supreme Court.

No Bankruptcy Exemption for Inherited IRAs 

A unanimous Supreme Court has held...

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 Congre...