www.qns.com I LIC COURIER I APRIL 2019 43
TAX TIPS
Tax
Extenders
BY JOHN SAVIGNANO, CPA
What is going on with the tax extender? We are getting a lot of
questions about the fate of the 26 tax breaks that expired at the end
$2 million exclusion for forgiven debt on a home, the deduction for
college tuition, faster depreciation for motor sports complexes, the
biodiesel credit, plus lots of other business and energy incentives.
It’s still a wait-and-see game, unfortunately. Senate taxwriters are
2019. But the house isn’t in as big a hurry. Taxwriters will start to
hold hearings on the temporary provisions in the tax law, which will
touch on extenders. One holdup is the number of new members who
need to get up to speed on the issue.
We still believe it’s a matter of when, and not if, the breaks will be
renewed. At the end of the day, we see passage of a two-year exten-sion
of all the provisions. But it wouldn’t surprise us to see this drag
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What are other tax items on Congress’s plate that might see action
this year?
clamor for a slew of technical corrections to the legislation. Demo-crats
aren’t so keen on this, but they’re getting increasing pressure
from lobbyists and businesses to act.
for Richard Neal, the new chairman of the House Ways and Means
Com.
disasters, similar to the 2017 easing given to the victims of hurricane
Harvey, Irma and Maria.
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year delay is in the cards.
What do we see languishing in Congress? Tax relief for marijuana
businesses located in states in which it is legal to sell or use the drug
claim deductions is growing, but it’s an uphill battle.
House and Senate would impose a 0.1% excise tax on stock, bond
to gain any traction in the past.
Federal legislation on online sales taxes. Congress will let states
sort this out in light of last year’s Supreme Court decision that
upheld S.D.’s tax on remote sales.
another state. Sen. Chuck Schumer opposes a bill that would bar
states from taxing wages paid to nonresidents working in a state
unless they worked there over 30 days.
John Savignano is a partner with Savignano Accountants & Advi-sors
located at 47-46 Vernon Blvd., Second Floor, in Long Island City.
If you have any questions or require additional information, please
call John at 718-707-0955.
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