I keep seeing talk of if congress doesn't act, the limit will be as it stands at $25000 for 2014. Is there actually a bill in congress to renew/change the provisions or is it just speculation that they might?
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A "tax extenders" bill will almost surely be taken up by Congress during the lame duck session after the November 4th elections. What will come out of it is anybody's guess. In addition to the ยง179 limit to which you referred there are dozens of other expired credits and deductions that need to be addressed.
Last minute action on tax extenders now seems to be an annual ritual, and the IRS doesn't like it any more than tax professionals do. On October 7, 2014 the "National Journal" reported the following on its web site:
The tax extenders bill was enacted so last last year that the IRS wasn't ready to accept 2013 tax return filings until January 31, 2014. We will see what happens this time.The IRS is warning Congress that decisions about renewing tax provisions that expired at the end of 2013 must be made by late November or next year's tax-filing season could be seriously disrupted.
IRS Commissioner John Koskinen, in a letter to Capitol Hill this week, said if debate on the so-called tax-extenders package "persists into December or later, it could force the IRS to postpone the opening of the 2015 filing season and delay the processing of tax refunds for millions of taxpayers."Roland Slugg
"I do what I can." -
Just think about the ramifications of holding the 179 to 25k. Just depreciation forms alone could have all kinds of stuff going on. Some TP's banked on this number being somewhat higher. I always say based on tax law as it exist and know changes to take place. Just my 2C.Comment
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