Tax Increase Prevention Act of 2014

February 14, 2015 - Less than a minute read

Tax Increase Prevention Act of 2014

The following are some highlights of the items included in “extender bill” (Tax Increase Prevention Act of 2014) that passed in December, 2014. Most everything we are accustomed to seeing will live another year (or at least until December 31, 2014):

1. State and Local Sales Tax Deduction Extended

2. Nontaxable IRA Transfers to Eligible Charities Extended

3. Bonus First-Year Depreciation Extended

4. Boosted Expensing Amounts for 2014

5. Reduction in S Corp Recognition Period for Built-In Gains Tax Extended

Follow this link to the Journal of Accountancy for a full list of the more than 50 revived provisions: