Expired Tax Provisions Extended by Congress
As a follow up to our recent Tax Flash reporting the House of Representatives passage of the Extenders Act on December 3, on December 16, the Senate passed the Tax Increase Prevention Act of 2014 (“Extenders Act”). Both houses completed many last minute tax bills and sent them to the President for signature. The new legislation will restore almost all of the tax provisions that expired at the end of 2013 but for only one year.
The bill is now heading to the President’s desk, who is expected to sign it. Taxpayers who could not plan due to the expired provisions have only a little time to take advantage of some of the provisions before year end.
Your Marcum tax advisors will keep you informed of the Presidential signing of these Extenders and other provisions.