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

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.