Tax Musings of a Burbank CPA: Tax extenders expected to win U.S. Senate approval within days

Well it appears that the Senate will take up the House ‘Tax Extender’ bill passed by the House this week, and will pass it without any changes.  See this update from Reuters by Jonathan Ernst:

http://www.reuters.com/article/2014/12/15/us-usa-tax-extenders-idUSKBN0JT1MC20141215

It is taking longer than originally expected for the Senate to get this done because of the spending bill to keep the government solvent until next September plus some nominations.  The bill will be passed as is or it would have to be sent back to the House, which has adjourned for the winter holidays.  So hopefully by next week there will be a bunch of tax credits and deductions that the IRS can put into their tax forms and the tax software people can put into their tax preparation packages.  Considering last year the did not take place until January 1, 2014, it should speed things up a little.

 

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