EP Caine & Associates explains intricacies of accounting and tax services to clients so they’re never caught off guard at the year’s end. Some think that there will be no changes to expiring taxes code; that there are no accounting and tax services that individuals and businesses need to be concerned about, or need to be asking their CPA about. Think again, says Ed Caine.
There are plenty of tax and accounting issues to plan for as we near the end of 2013. And we are not discussing the Alternative Minimum Tax (alt min) as this was permanently “fixed” in January 2013 (permanently fixed, that is, until Congress decides to adjust it again). We are discussing the expiring tax extenders that appear to be set for expiration come January 1, 2014.
And by asking your CPA how changes to these current items will impact your accounting and tax services that you should be addressing, you can avoid headaches later on.
What are these extenders that impact the accounting and tax services that you may be obtaining? First a definition. These tax extenders are designed to either provide direct reductions against your gross income or are deductions you obtain after your adjusted gross income is calculated. In the past Congress have extended these provisions. Yet with a short time period left before Congress recesses, nobody knows if these provisions will be extended or if Congress will just let them lapse, let them expire.
Extenders scheduled to expire at the end of 2013 include:
There are other extenders that individual and corporations need to address with their CPA when reviewing their specific accounting and tax services that they obtain. The key is to ask an experienced CPA how to plan the accounting and tax services they receive to take advantage of a fluid and dynamic changing environment. For more information contact EP Caine & Associates at 610-525-2933 or fill out our contact form here.