Congress permanently extends certain tax provisions
Many provisions of tax extenders bill made permanent in congressional approval.
Tag: tax extenders
Year-end Congressional action may have tax implications
Keeping up to date on Congressional action as investors plan for year-end.
Tax-advantaged savings approved for people with disabilities
In the final days of 2014, Congress approved a bill to create a new tax-advantaged savings vehicle for people with disabilities. The Achieve a Better Life Experience (ABLE) Act amends the tax code beginning in 2015 and establishes tax-free savings accounts for people with disabilities. These accounts, which are similar to a 529 college plan,
Tax breaks win extension by Congress
The Senate voted 76-16 Tuesday to approve a House bill that preserves several dozen tax provisions, known as “tax extenders,” from January 1, 2014 through the end of the year, essentially providing a one-year retroactive extension. The collection of provisions, which includes tax breaks and deductions, was set to expire as of the end of
Lame-duck Congress may act on tax provisions, funding bills
While some lawmakers are honing the agenda for the new Republican-controlled Congress in January, the current lame-duck session will likely act on several bills before the end of the year. In a reversal of power, Republicans seized the control of the Senate in the mid-term elections, winning eight seats for a majority of 53. Seats
Charitable rollover, other tax breaks could make a comeback
A provision to make tax-free donations to charity from an IRA, tax deductions for certain college expenses, and dozens of other tax breaks known as “tax extenders” could be renewed if Congress acts before the end of the current session. In the next few weeks, Congress must decide whether to restore some or all of
How could dozens of expired tax breaks affect your clients?
Some energy tax credits, along with deductions for college expenses and charitable giving, are among dozens of tax breaks that expired at the end of 2013 and will not be reinstated unless Congress takes action. The Joint Committee on Taxation reports that 55 temporary tax provisions, also known as “tax extenders” because they are often