Expiring Tax Provisions

Congress recessed on September 22, 2012 and is not expected to reconvene until after the November 6 elections. Congress has yet to extend any of the expiring tax provisions, many of which expired at the end of 2011. Some experts predict that a tax package will not be enacted until late in the year, with some predictions that it could be early in 2013 before we know which provisions have been extended for the 2012 tax year. A similar situation occurred on December 17, 2010 when the President signed into law a bill that extended numerous expiring provisions for the 2010 tax year.