How to Handle 2014 Tax Planning in a Lame Duck Congress

November ushered in the 2014 lame duck session of the 113th Congress. It has implications for everything from Ebola, to immigration, to tax breaks. While all of these issues are pressing, for expanding and emerging businesses and their owners, it is those pieces of tax legislation that imply direct, material impact. What is a lame duck?  Let’s start from the top. What is a lame duck? It’s a funny term for a not-so-amusing situation. A lame duck is a politician who is on his or her way out of office (currently, there are 85) and who therefore is unable to effect change. A lame duck session is the window of time during which one Congress meets after its successor is elected, but before the new Congress convenes the following January. The 2014 lame duck session is significant because Democrats are the sitting members of the existing Congress, and the new Congress has a Republican majority. Change is afoot, and there is real concern about whether they will be able to get anything … [Read more...]