Bill to renew expired tax breaks blocked by senate republicans

May 20, 2014 by Karen Reed, EA
The Capital

Fifty tax breaks expired at the end of 2013, and on Thursday, May 15, 2014, Republican Senators blocked a bill to renew them. Some of the more popular tax breaks the bill would have extended are the tuition and fees deduction; the state and local sales tax deduction, which benefits people who live in states without a state income tax; mortgage debt relief, which protects homeowners with discharged debt; and the Qualified Charitable Distribution, which allows taxpayers 70 ½ or older to exclude from gross income up to $100,000 a year for charitable contributions made directly from IRA accounts. Breaks for businesses, such as the research and development tax credit and renewable energy credits, also were included in the blocked bill.

The vote was only seven votes short of the sixty votes required to push the bill forward. The Expiring Provisions Improvement Reform and Efficiency Act (EXPIRE) is expected to come up for a vote again this year, most likely after the November congressional elections. Republican Senator Orrin Hatch from Utah said the bill would be passed “one way or another.”

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Karen Reed, EA
Director of Communications for TRIHoldCo

 

Karen Reed, EA, is the Director of Communications for TRIHoldCo. Inc., the parent company of TaxAudit and Centenal Tax Group. During her years as an audit representative for TaxAudit, she successfully defended the company’s members throughout the entire federal and state audit processes, handled cases assigned to US Tax Court, and developed procedures to make the audit process easier for taxpayers. Karen attributes a great deal of her tax acumen to the six tax seasons she spent as a return reviewer, analyzing thousands of returns. Responding in writing to questions from taxpayers, she became familiar with the common mistakes self-preparers make. Karen was previously the manager of the Tax Education and Research Department at TaxAudit. Her tax advice has been featured in U.S. News and World Report, the Los Angeles Times, the Chicago Tribune, and other publications.  


 

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