18 Dec 2020
Don’t You Forget About Me! Are End-of-Year Tax Extenders on the Table?
A number of Tax Cuts and Jobs Act (TCJA) provisions—including expensing short-life business expenses, expanded deduction limit for business interest expenses, immediate deduction of research, and experimentation costs—are set to expire after 2021, 2022, or even 2025. Meanwhile, several pandemic-related expense provisions (expansion of charitable deduction, employee retention tax credit, suspension of the aviation excise tax) will expire after 2020. There may be room for some horse trading among Democrats and Republicans for a modest tax package within the year-end spending bill.
Related Content
- Tax Cuts and Jobs Act of 2017 Resource Kit
Review this Practical Guidance resource kit that will assist in navigating the multitude of changes under the TCJA, and help you successfully advise clients as to the resulting tax implications and engage in future tax planning. - Tax Cuts and Jobs Act of 2017: Business Planning
Check out this practice note, the first part of which discusses key provisions of the TCJA primarily affecting C corporations doing business in the U.S. The second part addresses the key provisions affecting all other taxpayers doing business in the United States.
Practical Guidance Updates
Featuring the latest updates in Practical Guidance.
- Final Regs Coordinate Anti-Abuse Rules for Offshore Income
- Groups Seek Deductions for Spending With Forgiven PPP Loans
- IRS Nixes Purpose-or-Use Test in Final Like-Kind Rules
- IRS Proposes Exceptions to Partnership Audit Rules
- IRS Gives Extra Time to Resolve Liabilities Due to Pandemic
- Coming to America: U.S. Tax Planning for Foreign Owned U.S. Operations
- The Practical Guidance Journal Fall 2020 Edition
See how data visualization can help you save time and increase productivity. - Document alerts are now available in Practical Guidance. You can now be notified of changes. This allows you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
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