Congressional End of the Year Tax Issues

[Lee B]

"The four big-dollar tax issues at the center of the debate are:

The expansion of the child tax credit after Democratic advocates were unable to include it in the Inflation Reduction Act.

Reviving a version of the deduction for R&D costs that allows companies to reduce tax liability in the same year they incur the spending. This would benefit manufacturers, drugmakers and tech companies.

Reinstating a more generous deduction for interest expense writeoffs that expired at the end of 2021. This would benefit highly leveraged companies, including private equity and venture capital firms.

Renewing a tax break known as "bonus depreciation" that allows businesses to write off their equipment purchases in a single year, benefiting companies with large capital expenditures."

[Lee B]

For us the big benefit of the gridlocked divided government for the next two years will be,

minimal tax law changes which will hopefully allow the IRS to finally get caught up

[BulldogTom]

32 minutes ago, cbslee said:

 allow the IRS to finally get caught up

Yeah....ummm....when exactly?

Tom
Longview, TX

[Lee B]

Optimistically by the end of 2023, realistically by the end of 2024.