TAX ALERT: Tax Increase Prevention Act & Extenders

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Late Tuesday, December 16th, Congress passed tax package H.R. 5771 which the President is expected to sign into law. This package includes the “Tax Increase Prevention Act of 2014” (TIPA), which retroactively extends nearly all tax provisions that expired at the end of 2013 and the “Achieving a Better Life Experience Act of 2014” (ABLE), which establishes a new type of tax-advantaged savings program for individuals with disabilities and makes a number of other non-extender tax changes. Here are some of the key individual and business provisions that will be renewed through December 31, 2014:

Individual Provisions

  • Itemized deduction for …read more

    Read more here:: Tax

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