Showing posts from November, 2014

Uncertain Future for Expired Tax Provisions and Limited Time Remaining for Lame Duck Action

November 25, 2014
By Catherine Murray
With only a few days remaining on Congress's 2014 legislative calendar, there is still no clear answer for whether and how Congress will deal with the nearly 60 "extender" tax provisions—the temporary provisions that have been routinely extended on a one- or two-year basis but were allowed to expire at the end of 2013.
Many, if not all, of the provisions listed below were most recently extended by the 2012 Taxpayer Relief Act (passed very early in 2013). At that time, the majority of the provisions had expired at the end of 2011 and were revived and retroactively extended by the Act through 2013.
In this respect, some of the justifications underlying the provisions—such as to encourage certain types of behavior during the tax year—were weaker given the retroactive passage and amounted more to good fortune to those who had happened to engage in such behavior during the 2012 year. Both then and now, the delay hasn't just affected taxpa…

Happy Thanksgiving from all of us at Gardner & Billing CPAs!


Business lobby makes push for expired tax breaks

Brrrrr......Think Warm Thoughts!!


$500,000 Depreciation Deduction Legislation

A Fantasic Fall Recipe!