Thomson Reuters Checkpoint has released a new special report, Tax Increase Prevention Act of 2014 Extends Many Tax Breaks Through 2014 and Provides for New Tax-Favored "ABLE" Accounts for Disabled Individuals. The report looks at the year-end tax package H.R. 5771—signed into law by the President on December 19—which includes the "Tax Increase Prevention Act of 2014" (TIPA) and the "Achieving a Better Life Experience" (ABLE) Act of 2014.
TIPA extends a host of expired or expiring individual, business, and energy provisions. These "extenders" are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. The report provides a thorough briefing on the extender provisions broken down by type, valuable information on the new "Achieving a Better Life Experience" (ABLE) accounts, and coverage of other tax changes made by the new legislation.
"While this long-awaited legislation generally resolved the uncertainty of whether the extender tax breaks would be available for 2014, this resolution was short-lived as the provisions have already expired again," said Catherine Murray, tax analyst with the Tax & Accounting business of Thomson Reuters. "Whether they will be temporarily extended again in the future, or addressed in a more substantive way as part of a comprehensive tax reform effort, remains to be seen."
The special report is available for download at no cost. For additional year-end tax planning guidance and a summary of tax changes that took place over the course of 2014, download our complimentary special reports, Year-End Tax Planning for 2014 and Retrospective on Key Tax Developments in 2014.
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