By Kelly Phillips Erb, Forbes.
Last year, the Senate waited until just over two weeks left in the calendar year to pass a bill that extended certain tax provisions through December 31, 2014 (retroactive to January 1, 2014).
In contrast, this year it felt like Congress was getting a jump on things when they began contemplating a tax extender package in July. Granted, it was still seven months behind schedule (remember, these are tax provisions which expired at the end of 2014) but there was promise. By promise, I meant wishful thinking.
Two months later, we’re no further along than we were before. Tax provisions which expired at the end of 2014 remain expired – and they’re joined by a slew of other provisions which will be expiring at the end of 2015. The “now you see them, now you don’t” tax provisions remain in limbo.