The on-again, off-again nature of the federal tax provisions traditionally known as tax extenders is leading to uncertainty and unnecessary complexity, according to tax policy experts at the American Institute of CPAs.
With 2014 approaching, CPAs are busy meeting with clients to discuss year-end tax planning, and the uncertainty over what is happening with the tax extenders is making those consultations more difficult. Typically, as a part of that process, we will discuss with clients transactions and the timing of those transactionsshould it be before year end or after year end, for examplebut that process is especially difficult with 57 tax provisions expiring on December 31, said AICPA Tax Executive Committee chair Jeffrey A. Porter in a statement. It is challenging to advise clients if you do not know what the tax laws will be in 2014.
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