Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide
you with current articles on various tax and business topics. The articles are
intended to keep you up to date on trends and issues that may impact your business
and personal financial affairs. Please contact us if you have questions about any of
the issues discussed.
TAX INCREASE PREVENTION ACT OF 2014 (TIPA)
The Tax Increase Prevention Act of 2014 (TIPA) was signed into law on December 19,
2014. It retroactively extends most of the federal income tax breaks that would have
affected many individuals and businesses through 2014. This article discusses some of
the extended provisions impacting individual taxpayers, such as the qualified tuition
deduction, the mortgage insurance premium deduction, and more.
ABLE ACCOUNTS FOR DISABLED INDIVIDUALS
The Achieving a Better Life Experience Act (ABLE) of 2014 establishes a new type of
tax-advantaged account for disabled individuals, allowing them to save money for
future needs while remaining eligible for government benefit programs. This article
discusses details of the act, including who is eligible and contribution limits.
TAX BREAKS FOR BUSINESSES EXTENDED THROUGH 2014
This article describes a variety of business tax breaks that were extended through
2014. They include extended cost recovery provisions, along with certain business
credits, a deduction for energy-efficient commercial buildings, and more.
4 GOOD REASONS TO DIRECT DEPOSIT YOUR REFUND
Using direct deposit for a tax refund offers convenience and security, among other
advantages. This article explains why.
NATIONAL TAXPAYER ADVOCATE DELIVERS ANNUAL REPORT TO CONGRESS
This article discusses National Taxpayer Advocate Nina E. Olson's concern that
taxpayers this year are likely to receive the worst levels of taxpayer service since
at least 2001. She offers several corrective measures.
This publication is distributed with the understanding that the author, publisher and
distributor are not rendering legal, accounting or other professional advice or
opinions on specific facts or matters, and, accordingly, assume no liability
whatsoever in connection with its use. The information contained in this newsletter
was not intended or written to be used and cannot be used for the purpose of (1)
avoiding tax-related penalties prescribed by the Internal Revenue Code or (2)
promoting or marketing any tax-related matter addressed herein. © 2015