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.

Where to find January’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.