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.

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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.

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