Tax Increase Prevention Act (TIPA) of 2014; What Does it Mean For 2015?

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Many of the tax provisions scheduled to expire at the end of the 2014 tax year were extended by the Tax Increase Prevention Act (TIPA) of 2014; creating uncertainty for the upcoming 2015 tax year-end. In less than a month, unless new legislation is passed, numerous business and individual tax provisions will expire.

Currently, the following business tax provisions will expire:

  • Bonus first-year depreciation, which allows a deduction equal to 50% of the adjusted basis of qualifying new property acquired and placed in service before January 1, 2015. The provision included qualifying leasehold improvement property as 15-year property. In addition, the first-year …read more

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