This week, Congress passed a tax package reinstating more than fifty tax breaks, or “extenders”, for certain business activities occurring in 2014. The extenders cover a range of entities and business practices.
President Obama is expected to sign the Tax Increase and Prevention Act of 2014 (H.R. 5771) into law (“TIPA”).
Businesses and individuals that have already filed tax returns including 2014 should consider filing an amendment to take advantage of applicable extenders.