During last year’s battle over tax extenders, the U.S. Senate waited until the very end of the calendar year to retroactively extend over 50 expiring provisions of the tax code. Many of these “extenders” were designed for the benefit of U.S. businesses, but they hold particular value to small and mid-sized companies, with savings from provisions such as the R&D Tax Credit and the Section 179D tax deduction often times being the difference between the success or failure of a middle market business.
Eventually an extenders bill was passed, but the one year retroactive extension weakened many provisions of the bill and guaranteed another extenders showdown this year. Considering the stakes, businesses are taking action to ensure extenders are front and center coming out of Congress’ August recess.
In this piece from Forbes, “Over 2,000 Businesses Send Letter To Congress Demanding Attention To Tax Extenders Bill,” Kelly Phillips Erb details how businesses, CPAs and other organizations are taking matters into their own hands. In the article, Erb reports on the actions of the Broad Tax Extenders Coalition, a group “representing millions of individuals, employees, businesses of all sizes, community development organizations and non-profit organizations” and their push to get Congress to act immediately on the issue of tax extenders. In a letter written to Congress, the coalition urges for a multiyear or permanent extension of tax provisions they call “critically important to U.S. jobs and the broader economy.”
Contact us today for more information on alliantgroup’s tax consulting services and what this pending piece of legislation could mean for your business.