Yes, on Friday, December 19th, President Obama signed the tax extenders legislation into law that retroactively extends for one year the bulk of the temporary tax incentives that expired on December 31, 2013. The Tax Increase Prevention Act of 2014 (hereinafter “TIPA”) was approved on a bipartisan basis in the House of Representatives on December 3rd and the Senate on December 16th. Its passage and enactment mark the last significant action in connection to tax policy in the 113th Congress, which has now officially adjourned as the 114th Congress convenes on January 6, 2015. However, the tax extenders package is short-lived as the retroactive renewal of approximately 60 temporary provisions sunsets on December 31, 2014. For taxpayers who rely on these provisions for planning purposes, this means a return to uncertainty in just a few weeks as calendar year 2014 comes to a close. For lawmakers, it means the debate over the future of these tax extenders begins anew in the 114th Congress when Congress reconvenes in January.

Please consult my published article entitled "Tax Extenders Legislation Becomes Law " for further coverage at:
http://taxconnections.com/taxblog/tax-extenders-legislation-becomes-law/#.VJnj1hdTA4

Please contact me directly with any further questions and thanks very kindly for submitting your inquiry.