Many tax provisions expired at the end of last year or will expire this year. These provisions, which are called “extenders,” include many deductions and credits that affect both businesses and individuals. View the official listing of provisions expiring between the years of 2011 and 2022. Recently, the Ways and Means Subcommittee on Select Revenue Measures Chairman, Patrick J. Tiberi, R-Ohio, indicated that the issue of extenders will not be marked up until the lame-duck session after the elections.
While this was expected, it continues to complicate effective tax planning for both individuals and businesses. We at Gray, Gray & Gray will continue to monitor what is happening in the tax arena and provide up to date information to you, our readers. If you have questions regarding extenders or other tax issues, please contact our tax department at (781) 407-0300. In addition, we will discuss the state of the “extenders” and other tax issues at our annual tax conferences. Space is limited so please register for your choice of conference