The Firm of Gardner & Billing, CPAs PLLC

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 has

By Bernie Becker - 11/18/14 10:38 AM EST writing for The Hill A wide range of business interests urged Congress to revive dozens of expired tax breaks before lawmakers break for the year.   More than 500 groups — representing, as Dorothy Coleman of the National Association of Manufacturers called it, “the entire U.S. economy” — said that allowing the tax breaks to stay expired would amount to a tax increase on American businesses at a time when many around the country feel skipped over by the economic recovery.  Failing to extend the tax breaks, the businesses and business groups said, would “inject instability and uncertainty into the economy and weaken confidence in the employment marketplace.”  “Acting promptly on this matter in lame-duck will provide important predictability necessary for economic growth,” they added in separate letters to both House and Senate members. On a conference call with reporters, the business groups specifically pushed for Congress to extend

Many taxpayers have questions about the likelihood that the provisions for the Section 179 depreciation deduction, and the the bonus first year deduction will be enacted for the 2014 tax year.    The legislative history on that matter is as follows: The House of Representatives approved H.R. 4457 in June of 2014.    That bill extended permanently the Section 179 expensing limit of $500,000.     The Senate Finance Committee approved their tax extender bill (S.2260) which included provisions for the 500,000 Section 179 expensing limit, but Majority Leader Harry Reid would not allow the bill to reach the Senate Floor until after the November elections. In summary, the Senate needs to consider the bill (S.2260) and if it is passed, a conference committee will be required to reconcile the differences in the House Bill (H.R. 4457) and the Senate Bill(S.2260).   The final bill with the reconciled differences will then be presented to the President for his signature.  

With the weather turning colder, and busy-ness upon us, I always turn to my Crock-Pot for supper.   Here is one of my favorite gluten-free, kid-friendly recipes.    FIESTA CHICKEN with RICE & BEANS INGREDIENTS: 2 cans Rotel Original Diced Tomatoes & Green Chilies (undrained) 1 can (15 oz.) tomato sauce 1 can whole black beans, drained, rinsed 1 c. frozen whole kernel corn 2 Tbsp taco seasoning 2 c. water 1 ½ lbs. boneless skinless chicken breasts, cut into pieces, uncooked (slightly frozen works great) 1 ½ c. white long-grain rice, uncooked DIRECTIONS: Spray inside of slow cooker with cooking spray.   Place all ingredients, except rice, in slow cooker.   Cover, cook on Low 7 ½ hours until chicken is tender. Add rice, stir and cook 30 minutes more or until rice is tender and liquid is absorbed.   Stir again before serving. Leftovers are good placed inside a warm tortilla and topped with cheese and s