Tax extenders

The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded, according to new estimates from Congress's fiscal scorekeeper.

Treasury Secretary Janet Yellen came under fire from Republicans over a quip from President Biden about letting tax cuts enacted by Donald Trump expire.

The ability to write off research and development expenses in the first year would be revived if the Senate ever manages to pass the Tax Relief for American Families and Workers Act.

The legislation is still tied up in the Senate, as senators seek changes in some of the provisions, such as the expanded Child Tax Credit.

The measure now heads to the Senate where lackluster Republican support threatens to sink it.

The House passed tax extenders legislation that revives the enhanced Child Tax Credit, the ability to fully deduct R&D expenses in the first year, 100% bonus depreciation, disaster tax relief, and more.

Speaker Mike Johnson will allow a vote on a $78 billion business and child tax break bill, siding with corporations over a group of Republicans who objected to the package negotiated with Senate Democrats.

As the Internal Revenue Service and tax professionals prepare for the start of tax season, last-minute tax law changes are possible thanks to a deal working its way through Congress.

A growing divide is emerging between Republicans and the business interests the GOP once unflinchingly championed.

The House Ways and Means Committee reported the text of the Tax Relief for Workers and Families Act after voting last week to advance the bipartisan bill.