Wednesday, December 17, 2014
Posted by: Ann Lupo
Tax Extender Legislation Passes
More than 50 expired tax provisions have been retroactively extended for one year, through 2014, with Congress passing the tax extender legislation. The Senate passed the bill this week after the House of Representatives passed it on December 3. The President is expected to sign the legislation into law this week.
The bill, H.R. 5771, known as the Tax Increase Prevention Act of 2014, temporarily extends expired individual, business, and energy tax breaks, including the research and development (R&D) credit, first-year bonus depreciation, and increased Section 179 expensing limits.
H.R. 5771 was combined with another bill, the Achieving a Better Life Experience (ABLE) Act, which helps disabled individuals and their caregivers save and provide for their disability expenses.
With the legislation passing just two weeks before the end of the calendar year, the opening of tax season is certain to be delayed. The start date to the 2015 season has not been announced yet by the IRS Commissioner.
IRS Website Offers ACA Information Center for Tax Professionals
To help tax professionals find information on the Affordable Care Act for their individual, business or payroll client, the Internal Revenue Service website now has the ACA Information Center for Tax Professionals (http://www.irs.gov/Tax-Professionals/ACA-Information-Center-for-Tax-Professionals).