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1 posts from December 2014

12/22/2014

Last Minute Tax Act Passes New Details - Act Now!

McRuer CPAs closely monitors federal and state tax laws affecting our clients and friends using the CPA industry’s best research materials and services.

We recently learned from our Bloomberg/Bureau of National Affairs Tax Management Staff (Bloomberg/BNA) that President Obama had signed into law the Tax Increase Prevention Act of 2014.  We have monitored the slow progress of this Act since the summer.  The final version has a number of provisions that could affect your tax return.  We have put together a shortened summary with the information that we believe will specifically affect our individual and business tax clients highlighted in yellow.  Click on the link below to download the printable document for more information.

Please note that most of these provisions are only effective for ten days – through December 31, 2014.  Click here to: Download McRuer CPAs Tax Act Information December 2014

The summary uses part of the Bloomberg/BNA’s review of the Act.  Those topics of particular interest include:

  • Internal Revenue Code 179 expense elections restored to $500,000 with certain limitations
  • Bonus depreciation restored
  • Research and development credit restored
  • Deduction for educational expenditures extended
  • Tax-free retirement plan distributions for charitable donations extended

There is also a new provision increasing late payment and underpayment penalties to be indexed with inflation.

If you have questions about the opportunities this Act may provide you, please contact us at: 816.741.7882 or www.kccpa.com/contact_us.html.

 

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