Our “What’s New” section of our online Tax Planning Guide has been updated.
In December 2014 Congress approved the Tax Increase Prevention Act of 2014 (HR 5771). The new law extends the “tax extenders” retroactively for one year (through 2014). This allows taxpayers to claim the temporary incentives on their 2014 tax returns that are filed in 2015. It also includes the Achieving a Better Life Experience (ABLE) Act, creating tax-favored savings accounts for individuals with disabilities along with some tax-related offsets. Congress also approved an Omnibus Spending Agreement for fiscal year 2015, which cuts funding for the IRS. There were discussions of making a number of the extenders permanent, however, the Tax Increase Prevention Act does not make any permanent, nor extends them for the usual two-year time period. The final fate of the extenders will be determined in 2015.
For more details on this update, please visit our “Tax Guide Online” website and click on the “What’s New” button.