On Thursday, February 28, Senate Finance Committee leaders introduced legislation to retroactively extend tax provisions that expired at the end of 2017 and 2018. The measure would extend some 29 expired tax provisions through the end of 2019 at their current levels.
That’s right, we may have a law change that alters the tax rules effective January 1, 2018. It’s hard to say when this legislation may pass, but it does seem to have bi-partisan support. Those who file their returns prior to passage (and software updates), may need to amend to take advantage of any tax benefits that would apply.
This is just one more complication to what has already been a challenging time in light of the myriad tax law changes, the government shutdown and tax form changes. We will have more information as we become updated. Stay tuned for more information coming soon.
