Congress Extends, Makes Permanent Business-Friendly Tax Provisions
Date(s) - 02/05/2016
By Tony Perricelli
For all of 2015, CPAs, tax preparers, and many of their tax-paying clients were frustrated by the lack of certainty in the tax law. As we neared the end of the year we wondered if Congress would pass legislation extending many of the provisions that expired at the end of 2014. Some of these provisions had become very important to business owners and individuals seeking to minimize their tax burdens so we were eager to see them extended. Congress finally came through in mid-December and even added something unexpected to the mix—permanent status for some items that had typically been only extended year-to-year.