Egg nog and extenders

It's that time of year again – time for Nancy and Mitch to drop a new law on the tax professionals of America. It was three years ago today that the Trump tax act was signed into law. And it looks like the latest Covid relief bill, which includes a fair amount of tax stuff, will be signed shortly. It passed both houses last night.

The whole law runs 5,593 pages. The tax stuff starts on page 2,403. They didn't come up with a particularly cutesy title for this one, as they sometimes do, but the word "disaster" seems apropos.

And so in between holiday festivities, we folks who make a living trying to translate this stuff into English will be busy studying what the politicians and their minions have come up with this time.

It's fascinating reading. For example, you're going to think I'm kidding, but no, they really did amend Section 45S(i) by striking ‘‘December 31, 2020’’ and inserting ‘‘December 31, 2025."

If the pool halls were open, this would keep us out of them for quite a while.