IMPORTANT LEGISLATIVE TAX CHANGE ALERT
February 13, 2018
Please note that if these retroactive extenders affect your tax return and we have already completed your filings, we will be contacting you and preparing the appropriate amendment so that you may take advantage of these legislative changes.
'Congress is considering a two-year budget deal that would, among other things, change the tax code for 2017. Since the close of 2016, the fate of several expired tax “extenders”—a slew of temporary, constantly expiring tax breaks for individuals and businesses—has been up in the air. Unfortunately, the 2017 tax reform effort did not include a review of these expired provisions. But now, in the second month of 2018, Congress is revisiting the issue to extend back in time incentives for renewable energy, tax breaks for homeowners, and several miscellaneous provisions for businesses. The following individual provisions would be retroactively extended to 2017 once the Bipartisan Budget Act of 2018 is signed:
Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.
Extension of mortgage insurance premiums treated as qualified residence interest.
Extension of above-the-line deduction for qualified tuition and related expenses.'
-Erica York, The Tax Foundation