Year-End Tax Bill Being Done, Without QIP Fix

While passing the $1.4 trillion spending package this week to keep the government funded and avoid a federal shutdown, Congress also corrected some provisions and oversights from the 2017 Tax Cuts and Jobs Act. Unfortunately however, the fix for the Qualified Improvement Property (QIP) depreciation schedule was not included, nor were most other tax extenders…

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Prospects For Tax Extender Correction Dim

As we march closer to the end of the calendar and another presidential election year, the chances for corrective action by Congress to reinstate important tax extenders grows dimmer each week according to Ways & Means ranking member Kevin Brady (R-TX). Several important tax incentives were erroneously eliminated by a drafting error in the Tax…

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Senate Eyes September for Tax Extenders Fix

Senate Finance Chairman Charles Grassley (R-IA) this week released reports from 3 of 6 task forces established to review and advise on the tax extenders issue. Grassley and ranking minority member Senator Ron Wyden (D-OR) are hoping for solutions on which of the tax breaks should be consolidated, made permanent or rejected. It is expected…

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House Ways & Means Marks Up Tax Extenders Package

The House Ways and Means Committee yesterday marked up a tax extenders package to resolve some of the tax relief programs that expired over the past year or two. At this point however, it does not appear that the democratic proposal addresses accelerated depreciation on new equipment, but it does address other tax incentives that…

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Tax Extenders Bill Circulating

House Democrats have reportedly come up with a draft tax extenders package that would roll back the 2017 tax law estate tax parameters and expand both the Earned Income Tax Credit and the Child and Dependent Care Tax Credit. The draft tracks with House Ways and Means Committee Chairman Richard Neal’s (D-MA) stated preference to…

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Tax Extenders Bill Filed

In a rare show of bipartisanship, the two leaders of the Senate Finance Committee have filed critical legislation to renew dozens of expired tax breaks. The tax provisions that Senate Finance Committee Chairman Charles Grassley (R-IA) and ranking member Ron Wyden (D-OR) seek to renew expired at the end of 2017 in most cases while…

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US House Tees Up Tax Law Fixes

There’s still a ways to go, but the US House is moving in the right direction this week with the House Committee on Rules voting to send a year-end tax bill to the floor for a vote. The House Ways & Means Committee released its TCJA fix package this past Monday and it may be…

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Congress Tees Up Critical Bill

Although it hasn’t made it to the President’s desk just yet, an important tax relief & spending authorization deal appears to have been reached in Congress this week and seemingly contains a few small but important Christmas gifts for small business if the deal holds and the bills signed into law by the President.  Three…

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