President signs tax extenders into law

By Alistair M. Nevius, J.D.

President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, H.R. 5771, which retroactively extends more than 50 expired tax provisions through 2014. Congress sent the bill to him on Dec. 16 before adjourning for the year.

Among the extended provisions are the Sec. 41 research credit, first-year 50% bonus depreciation, and the increased Sec. 179 expensing limits. The act also created tax-favored accounts for disabled taxpayers and institutes inflation adjustments for certain civil penalties. (See complete coverage here.)

Alistair M. Nevius ( anevius@aicpa.org ) is the JofA’s editor-in-chief, tax.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.