Senate temporarily extends tax breaks; busy season won’t be delayed
UPDATE: The IRS says the start of tax season will not be delayed, but refunds could be delayed due to IRS budget cuts.
The lame-duck Congress has finally passed a bill that will temporarily extend certain tax breaks all the way through … the end of the year. As in 2014.
That’s right. The bill will expire on Dec. 31, 2014. Any further extensions will be the responsibility of the new Congress.
Who says our elected officials can’t get anything productive done?
Oh, and tax season? I hope you’re not in a hurry to get started. Here’s how Kelly Phillips Erb puts it in Forbes:
“The lag in passing the bill – which is retroactive to Jan. 1, 2014 – will certainly delay the opening of tax season. The IRS commissioner has not yet announced a start date to the 2015 season. I would expect a late-January to early-February date. Stay tuned.”
In the meantime, check out the latest tax briefing from CCH. It includes analyses of many of the tax extenders and examines the IRS budget cuts that were also included in the bill.