With the chaos of this year, from a global pandemic to disruptions in the economy and tax season, tax practitioners may have missed that many tax provisions are set to expire at the end of 2020.
While the annual expiration of tax provisions is common, in most years Congress by December has at least considered legislation to extend some or all of them. So far, however, there is no hint that Congress will consider extender legislation in the last few days of the year.
The provisions set to expire stand to affect many individuals and businesses, including the work opportunity credit, the 7.5% adjusted-gross-income (AGI) floor for medical expense deductions, and the deduction for qualified tuition and related expenses. To see which tax provisions will expire Dec. 31, 2020, click here.