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Thomson Reuters Checkpoint Releases Special Report on Tax Increase Prevention Act of 2014 and "ABLE" Accounts for Disabled Individuals

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.

Thomson Reuters Checkpoint is the leading global brand of knowledge solutions for tax and accounting professionals. Checkpoint is a robust, comprehensive, and interactive offering which provides integrated research, editorial insight, productivity tools, online learning and news updates along with intelligent linking to related content and software. With our respected content, which includes RIA, Checkpoint is relied on by thousands of tax and accounting professionals, including 97 of the Top 100 U.S. law firms, 96 of the Fortune 100 companies, and 99 of the top 100 U.S. CPA firms.