The Bipartisan Budget Act of 2018, passed by Congress and signed by President Trump on Feb. 9, 2018, retroactively extends over 30 tax provisions that had expired at the end of 2016. This one year extension applies to the extended provisions and is effective for 2017 only. Many of the extended provisions are related to energy credits which are especially important for businesses and individual taxpayers. The extended provisions include:
The Act also mandates the creation of a new tax form, Form 1040SR, for taxpayers over age 65. The form will be similar to Form 1040-EZ, while still allowing for reporting of social security benefits, retirement distributions, and other deferred payments.
For more information on the extenders listed above and other tax reform items, contact us in one of our many locations.