With the buzz in Washington about potential tax reform, little attention is being paid to dozens of tax provisions that quietly expired at the end of 2016.
Strategy: Don’t count on extensions for this group. Due to the current focus on tax reform, it’s unlikely that this year’s Congress will get around to renewing these provisions anytime soon.
In fact, you might be waving goodbye to several tax breaks forever.
Here’s the whole story: Traditionally, a number of tax provisions expire at the end of the year, only to be reinstated for another limited time period, sometimes retroactively. However, at the end of 2015, Congress enacted the Protecting Americans from Tax Hikes (PATH) Act. Unlike previous “extender” laws, the PATH Act permanently preserved many tax breaks that had a short shelf life in the past, including the deduction for state sales taxes and the research credit.
What about the others? Many of the “leftovers” are t...(register to read more)