Tax Law and News Year-End Extender Legislation Still in Holding Pattern Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mike D'Avolio, CPA, JD Modified Oct 17, 2017 1 min read There is a large basket of tax benefits that expired at the end of 2014, and these provisions will not apply to tax year 2015 unless Congress and the President decide to extend them. Here is a list of the high-impact items: Individuals Tuition and fees deduction Deduction for school teacher expenses State and local taxes deduction Depreciation 50 percent bonus depreciation Increased section 179 expensing limits Businesses Research and development credit Work opportunity credit Energy Credit for energy-efficient home improvements The government typically extends these measures on a one- to two-year basis late in year. This late legislation has delayed the opening of tax season in the past because it takes the IRS some time to incorporate the changes into their systems. We are once again in a “wait and see” pattern. Many in Washington call for Congress to act sooner rather than later. The most likely outcome seems to be that Congress will turn to the extenders towards the end of year. For Intuit’s Professional Tax Products (Lacerte®, ProSeries® and Intuit Tax Online), we have built in flexibility so that we can react quickly if legislation is extended late in year. Previous Post Tax Year 2015 Changes to the Individual Provisions of the… Next Post Pay or Play Options of ACA Employer Mandate Written by Mike D'Avolio, CPA, JD Mike D’Avolio, CPA, JD, is a tax law specialist for Intuit® ProConnect™ Group, where he has worked since 1987. He monitors legislative and regulatory activity, serves as a government liaison, circulates information to employees and customers, analyzes and tests software, trains employees and customers, and serves as a public relations representative. More from Mike D'Avolio, CPA, JD Comments are closed. Browse Related Articles Tax Law and News Navigating year-end planning for businesses Practice Management How market competitors have become firm predators Tax Law and News Accountant’s guide to secure file sharing Practice Management Consultant spotlight: Jason Tritle Practice Management Consultant spotlight: Corey Spear Practice Management Consultant spotlight: Drew Hickman Practice Management Top 7 advantages of choosing a firm niche Advisory Services Your firm: Maximizing value over volume Practice Management ProSeries® Tax spotlight: Nayo Carter-Gray, EA, MBA Practice Management Consultant Spotlight: Katherine Weiler