BHT&D Certified Public Accountants Blog

Congress Passes Last-Minute Tax Changes

Posted by Joe Turnes on Thu, Jan 30, 2020 @ 12:00 PM

Congress has passed a large number of tax changes, including retirement plan issues, that are effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end.  While Congress passed these changes Dec. 19, 2019, many are not aware of the implications.

The list of changes is quite large, so we have only included those that are most likely to affect individual tax returns. Here is a run-down on some of the new tax provisions:

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Tags: Retirement Plan, IRA, Individual Tax, Tax extenders

Extender Bill: Do You Benefit?

Posted by Joe Turnes on Mon, Mar 19, 2018 @ 07:00 AM

Congress passed the Budget Bill early in the night, and the President signed it on Friday, February 9th. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017 returns. Were you lucky enough to benefit?

Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since the 2017 forms do not accommodate some of the extended provisions, the IRS will have redesign and issue updated forms or provide workaround procedures.

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Tags: Depreciation Deduction, Small Business, Individual Tax, Tax extenders