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Beware of Expiring Tax Breaks
Even though the tax extenders have been known since the end of last year, and there is general bipartisan agreement that they need to be acted on, there is no guarantee as to when they will be passed.

The Senate passed a comprehensive extenders bill, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, in April 2014. The bill would extend for two years over 50 expired provisions. The House, on the other hand, has focused on permanent extension of tax provisions in a series of bills. Added to the mix, of course, is President Obama, who has threatened to use his “veto pen” on legislation he doesn’t like.

Businesses would like to know for tax planning purposes, and the IRS would like to know so they can get out the forms and program their systems on time. Preparers would like to know so tax season begins on time. Following is a list of extenders most likely to be passed, either in the upcoming lame-duck session or early next year.

Image: Shutterstock


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