April 23, 2014
This is a reminder that a number of tax provisions expired at the end of 2013.
Looking ahead to next year’s filing season, everyone will need to keep an eye out on what Congress does with regard to these expired tax provisions.
Below is a list of the most used provisions that have either expired or have significantly changed for Tax Year 2014.
Provisions no longer applicable for Tax Year 2014 returns:
Also note that the following Section 179 Expense provisions have been reduced as follows:
There is movement in Congress to extend most of these provisions before the end of this year. But, as in the past, there is a strong possibility that any legislation extending them will not take place until December 2014. Stay tuned for more information on what occurs with these provisions and what impact the lateness of the passage of any legislation will have on the start of the 2015 filing season.
For a complete listing of all expired tax provisions that affect both individuals and businesses, see the Things to Know for the Current Tax Year section (under “Extended provisions applicable to 2013 only” bullet) of the Tax Resource Center page on the CrossLink Tax website.