The IRS has announced the on-time opening of its 2015 tax season touting online services including issues related to health care as implemented by the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148). The IRS expects that more than four of five returns will be filed electronically, and it will begin accepting and processing.
Employment Tax Credits Extended for Employers
The Tax Increase Prevention Act of 2014 (2014 Tax Prevention Act) provides a one-year extension of several taxpayer-friendly provisions applicable to employers. These credits and benefits are intended to encourage new hiring and to improve employment opportunities for broader classes of individuals, including veterans and working families. The 2014 Tax Prevention Act extends the following.
President Signs Tax Increase Prevention Act
The President has signed into law the Tax Increase Prevention Act of 2014, which retroactively extends for one-year expired tax provisions, makes technical corrections to existing tax laws, and enacts the ABLE Act. The Act includes provisions that extend for one year retroactively back to January 1, 2014, the optional sales tax deduction (in lieu.
Senate Passes One-Year Tax Extenders Package
The Senate on December 16 approved, by a vote of 76 to 16, the Tax Increase Prevention Act of 2014(HR 5771), which retroactively extends for one-year some 54 expired tax provisions and makes technical corrections to existing tax laws. The Act, which is estimated to cost $44.7 billion over 10 years, extends the currently-expired incentives.