U.S. Tax Extender Clarity... For Now...
22 December 2014
U.S. President Obama on 19 December 2014 signed legislation that retroactively extends for one year the bulk of certain temporary tax deductions, credits, and incentives that expired at the end of 2013. The Tax Increase Prevention Act of 2014 was approved on a bipartisan basis in the U.S. House of Representatives on 3 December and the U.S. Senate on 16 December.
The tax relief in the extenders package is short-lived: the retroactive renewal of more than 50 temporary provisions sunsets at 2014 year end. For taxpayers who rely on these provisions for planning purposes, this means the debate over the future of these provisions begins anew when the 114th Congress convenes on 6 January 2015.
Please click here for a detailed summary of the tax extenders that have been passed into law.