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Last Minute Action by Congress Proposes to Extend Business-Favorable Tax Provisions through 2014 12/19/2014

Posted by Morse Barnes-Brown Pendleton in Legal Developments, Taxation.
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By: Robert M. Finkel and Diana C. Española

Tax Attorney Robert FinkelThis 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”).

Action item: Businesses and individuals should review all reinstated extenders, but may find those highlighted here particularlyTax Attorney Diana Espanola relevant. Tax benefits may be available with year-end action.

Businesses and individuals that have already filed tax returns including 2014 should consider filing an amendment to take advantage of applicable extenders.

Read our full Tax Alert.

 

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