Tax breaks

Chances are dimming that Congress will take up a multibillion-dollar package to renew a cluster of business tax breaks and provide a more generous child tax credit before lawmakers leave Washington for the year.

With the end of the year just around the corner, now is a great time to discuss tax planning with your clients.

Republicans — who are expected to control the House as of January — want tax breaks for private equity, manufacturers and businesses. For their part, Democrats want to expand the child tax credit.

Businesses are lobbying hard for Congress to pass a package of tax breaks worth about $100 billion before the end of the year.

Yvon Chouinard described his decision to give away the outdoor apparel-maker as his last-ditch effort to do all he could to protect the planet, but the deal is structured in ways that bring his family tax perks.

The Act provides higher deductions for meeting prevailing wage and apprenticeship requirements.

Business Roundtable Chief Executive Officer Joshua Bolten on Wednesday flagged concerns that reviving the deduction for R&D will fall off of Congress's agenda later this year, despite it having bipartisan support.

Cost segregation studies and other methods can help businesses minimize their tax liabilities — and maximize their cash for potential economic difficulties ahead.

Existing and expired energy efficiency tax incentives for commercial and multifamily building owners, investors, developers and homebuilders have been expanded significantly under the act.

What are the possible advantages and what should business owners think about?