Tag Archive for Tax Incresse Prevention Act of 2014

Analysis of The Tax Increase Prevention Act of 2014

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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