CCH, a Wolters Kluwer business, released a new tax briefing, Post-Election Tax Policy, outlining tax issues, the impact on taxpayers and deadlines for several time-sensitive tax issues following the election. CCH provides tax, accounting and audit information, software and services.
Democrats and Republicans have a short time window to reach agreements on certain issues to avoid “the fiscal cliff” and prepare for a long-term tax reform.
“The table is now set for Congress to make critical decisions on the fate of the Bush-era tax cuts, around $100 billion in automatic spending cuts in 2013 and dozens of expiring tax extenders, including the alternative minimum tax patch benefitting tens-of-millions of taxpayers,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. “With less than two months before end-of-year deadlines trigger action that may significantly impact taxpayers and our entire economy, lawmakers have a very tight window of time to settle longstanding differences.”