Uncertain Future for Expired Tax Provisions and Limited Time Remaining for Lame Duck Action
With only a few days remaining on Congress's 2014 legislative calendar, there is still no clear answer for whether and how Congress will deal with the nearly 60 "extender" tax provisions—the temporary provisions that have been routinely extended on a one- or two-year basis but were allowed to expire at the end of 2013.
Some of the justifications underlying the provisions—such as to encourage certain types of behavior during the tax year—were weaker given the retroactive passage and amounted more to good fortune to those who had happened to engage in such behavior during the 2012 year. Both then and now, the delay hasn't just affected taxpayers' ability to engage in forward-looking tax planning, but has almost certainly influenced actual taxpayer behavior and had economic spillover effects. Read more on Accounting Today.