Tag Archive for Tax Extenders

Tax To Do List For The Upcoming Filing Season

Annette Nellen 14

If you’re looking for things to do to get ready for the upcoming filing season or want to check your list against another, I have one for you.  Please see “Preparing for the 2016 Filing Season,” AICPA Tax Insider, 12/17/15.

The article was written before passage of the extenders and appropriations tax package.  Here is a list of links to that legislation you may find useful along with a list of some items for immediate consideration.

P.L. 114-113 (12/18/15) – H.R. 2029, Consolidated Appropriations Act 2016 – includes appropriations and other changes along with the Protecting Americans from Tax Hikes Act of 2015 (PATH), which is the extenders bill.

NOTE ON EXTENDERS: The bulk of the tax changes are in PATH, although a few, including a two year extension of Read more

Tax Season Opens As Planned Following Extenders Legislation

Hand Writing Time For Taxes

Following the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January.

The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.

The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law December 19, 2014. See our post entitled Two Weeks To Benefit from the Recently Passed Tax Extenders Bill! Read more

Tax Extenders, Tax Extenders…. Check If You Won The Extender Lottery!!

TaxConnections Picture - Tax Planning 3 - square

Well, it is December 30th, 2014 and as I sit down to write up the last blog post of the year, I realize how much I have enjoyed writing this year! This blog has brought a lot of traffic my way, I have gained a few clients, engaged in some very interesting conversations with fellow professionals and learned a lot about the roller-coaster social media world! Thanks to my readers from the bottom of my heart!

The conversations around tax planning sessions these days has been how quickly can we file in the coming tax season (hopefully on time!) and of course the hype around the Tax Extenders Bill that Congress passed early this month and President Obama signed soon after. So what was the drama all about? Read more

Tax Extenders Legislation Becomes Law

Examining Tax Law

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. Read more

Congress Passes $42 Billion Tax Extenders Package

Washington Monument and the U.S. Capitol Building

On Tuesday, December 16th The U.S. Senate passed a $ 42 billion tax extenders package, by a 76 to 16 vote, reviving dozens of previously expired tax breaks for calendar year 2014 only.

Republicans and Democrats compromised on the one-year extension after the White House undercut negotiations on a broader bipartisan package, underscoring divisions between Democrats in the wake of this year’s heavy losses at the election polls this past November. Senators from both parties indicated that they would have preferred legislation that would have restored the tax extenders through calendar year 2015 (e.g., a 2 year extension package that would have retroactively reinstated the tax extenders for calendar year 2014 and forward through all of calendar year 2015). After the late night 76-16 vote on Tuesday, Read more

Analysis of The Tax Increase Prevention Act of 2014

TaxConnections Picture - Tax Chart 1 - square

On December 3, 2014, the House of Representatives made the latest move in this year’s epic congressional tax extenders showdown with the Senate, passing a bill entitled the “Tax Increase Prevention Act of 2014” (hereinafter “TIPA“)that would extend dozens of expired tax provisions through December 31, 2014.

TIPA would retroactively extend for one year, through the end of 2014, virtually all of the tax extenders that had previously been temporarily extended by the American Taxpayer Relief Act of 2012 (hereinafter “ATRA”). In addition to the tax extenders, TIPA corrects several technical and clerical errors in the Internal Revenue Code, as well as eliminating many superfluous provisions. However, as a caveat, TIPA still needs to be reviewed and passed by the Senate and a unified bill presented before President Obama for his signature Read more

A Special Report From Capitol Hill

TaxConnections Picture - Capitol Building - square

Before Congress adjourned for its July 4th recess, a number of House and Senate committees and subcommittees deliberated over legislation to address the Highway Trust Fund (HTF), Corporate Tax Inversions, and Tax Extenders amongst other matters including, but not limited to, the subsequent highlights:

• The Senate Finance Committee Chairman Ron Wyden, D-Ore., on June 24 unveiled a measure, the Preserving America’s Transit and Highways (PATH) Bill, to raise $9 billion to temporarily bolster the HTF with modifications to heavy vehicle use taxes, distribution from inherited IRAs and a handful of other modest tax changes. However, two days later, a modified Chairman’s Mark for the PATH Bill fell short of the revenue needed. Wyden said the markup would resume during the week beginning July 7 when Congress returns from Read more