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 before any legislation actually becomes law.

In a best case scenario, should the Senate eventually agree with the House and pass this one-year bill and the President signs it into law, Congress will have set itself up to revisit the tax extenders package once again during 2015.

Please consult my published article entitled "An Analysis of The Tax Increase Prevention Act of 2014 " for further coverage at:
http://taxconnections.com/taxblog/an-analysis-of-the-tax-increase-prevention-act-of-2014/#.VI9Us50o6Uk

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