President Signs Tax Extenders Into Law


President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, H.R. 5771, which retroactively extends more than 50 expired tax provisions through 2014. Congress sent the bill to him on Dec. 16 before adjourning for the year.

Among the extended provisions are the Sec. 41 research credit, first-year 50% bonus depreciation, and the increased Sec. 179 expensing limits. The act also created tax-favored accounts for disabled taxpayers and institutes inflation adjustments for certain civil penalties. (See complete coverage here.)

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TECHNOLOGY

2018 tax software survey

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DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.