Pacun Posted December 17, 2014 Report Share Posted December 17, 2014 I couldn't find what was extended. I guess tomorrow I will have a bunch of info. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted December 17, 2014 Report Share Posted December 17, 2014 It passed. Here's a link (Library of Congress) to the bill summary with a list of the provisions included in H.R. 5771, doesn't give specific dollar amounts - http://thomas.loc.gov/cgi-bin/bdquery/z?d113:HR05771:@@@L&summ2=m&Tax Increase Prevention Act of 2014 - Title I: Certain Expiring Provisions - Amends the Internal Revenue Code to extend certain expiring tax provisions relating to individuals, businesses, and the energy sector. Subtitle A: Individual Tax Extenders - Extends through 2014: the tax deduction of expenses of elementary and secondary school teachers; the tax exclusion of imputed income from the discharge of indebtedness for a principal residence; the equalization of the tax exclusion for employer-provided commuter transit and parking benefits; the tax deduction of mortgage insurance premiums;the tax deduction of state and local general sales taxes in lieu of state and local income taxes; the tax deduction of contributions of capital gain real property for conservation purposes; the tax deduction of qualified tuition and related expenses; and the tax exemption of distributions from individual retirement accounts for charitable purposes. Subtitle B: Business Tax Extenders - Extends through 2014: the tax credit for increasing research activities; the low-income housing tax credit rate for newly constructed non-federally subsidized buildings; the Indian employment tax credit; the new markets tax credit;the tax credit for qualified railroad track maintenance expenditures; the tax credit for mine rescue team training expenses; the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services; the work opportunity tax credit; authority for issuance of qualified zone academy bonds; the classification of race horses as three-year property for depreciation purposes; accelerated depreciation of qualified leasehold improvement, restaurant, and retail improvement property, of motorsports entertainment complexes, and of business property on Indian reservations; accelerated depreciation of certain business property (bonus depreciation); the special rule allowing a tax deduction for charitable contributions of food inventory by taxpayers other than C corporations; the increased expensing allowance for business assets, computer software, and qualified real property (i.e., leasehold improvement, restaurant, and retail improvement property); the election to expense advanced mine safety equipment expenditures; the expensing allowance for film and television production costs and costs of live theatrical productions; the tax deduction for income attributable to domestic production activities in Puerto Rico; tax rules relating to payments between related foreign corporations and dividends of regulated investment companies; the treatment of regulated investment companies as qualified investment entities for purposes of the Foreign Investment in Real Property Tax Act (FIRPTA); the subpart F income exemption for income derived in the active conduct of a banking, financing, or insurance business; the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income; the 100% exclusion from gross income of gain from the sale of small business stock; the basis adjustment rule for stock of an S corporation making charitable contributions of property; the reduction of the recognition period for the built-in gains of S corporations; tax incentives for investment in empowerment zones; the increased level of distilled spirit excise tax payments into the treasuries of Puerto Rico and the Virgin Islands; and the tax credit for American Samoa economic development expenditures. Amends the Housing Assistance Tax Act of 2008 to extend through 2014 the exemption of the basic military housing allowance from the income test for programs financed by tax-exempt housing bonds. Subtitle C: Energy Tax Extenders - Extends through 2014: the tax credit for residential energy efficiency improvements; the tax credit for second generation biofuel production; the income and excise tax credits for biodiesel and renewable diesel fuel mixtures; the tax credit for producing electricity using Indian coal facilities placed in service before 2009; the tax credit for producing electricity using wind, biomass, geothermal, landfill gas, trash, hydropower, and marine and hydrokinetic renewable energy facilities; the tax credit for energy efficient new homes; the special depreciation allowance for second generation biofuel plant property; the tax deduction for energy efficient commercial buildings; tax deferral rules for sales or dispositions of qualified electric utilities; and the excise tax credit for alternative fuels and fuels involving liquefied hydrogen. Subtitle D: Extenders Relating to Multiemployer Defined Benefit Pension Plans - Extends through 2015 the automatic extensions of amortization periods for multiemployer defined benefit pension plans and for multiemployer funding rules under the Pension Protection Act of 2006. Title II: Technical Corrections - Tax Technical Corrections Act of 2014 - Makes technical and clerical amendments to: the American Taxpayer Relief Act of 2012; the Middle Class Tax Relief and Job Creation Act of 2012; the FAA Modernization and Reform Act of 2012; the Regulated Investment Company Modernization Act of 2010; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; the Creating Small Business Jobs Act of 2010; the Hiring Incentives to Restore Employment Act; the American Recovery and Reinvestment Tax Act of 2009; the Energy Improvement and Extension Act of 2008; the Tax Extenders and Alternative Minimum Tax Relief Act of 2008; the Housing Assistance Tax Act of 2008; the Heroes Earnings Assistance and Relief Tax Act of 2008; the Economic Stimulus Act of 2008; the Tax Technical Corrections Act of 2007; the Tax Relief and Health Care Act of 2006; the Safe, Accountable, Flexible, Efficient Transportation Equity Act of 2005: A Legacy for Users; the Energy Tax Incentives Act of 2005; and the American Jobs Creation Act of 2004. Eliminates provisions in the Internal Revenue Code that are not used in computing current tax liabilities (referred to as deadwood provisions). Title III: Joint Committee on Taxation - Provides that any refund or credit in excess of $5 million due to a C corporation taxpayer may not be made until the Secretary of the Treasury submits a report to the Joint Committee on Taxation providing information on such refund or credit. Title IV: Budgetary Effects - Prohibits the entry of the budgetary effects of this Act on certain PAYGO scorecards. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted December 17, 2014 Report Share Posted December 17, 2014 I know one person (me) who is very happy to see this bill passed. I have a VA loan on my home and I get to deduct the VA funding fee now. Thank you Congress. Tom Newark, CA 4 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted December 17, 2014 Report Share Posted December 17, 2014 As preparers, we should all be happy. This tax season is going to be difficult enough without having to wait to see if the extenders are enacted or not. I feel so stupid when I have to answer a client with "I don't know!". 7 Quote Link to comment Share on other sites More sharing options...
Lee B Posted December 17, 2014 Report Share Posted December 17, 2014 Actually for me, the most interesting thing was that there were not any revenue or expense offsets, for the first time in many many years. Quote Link to comment Share on other sites More sharing options...
Cyclone Posted December 17, 2014 Report Share Posted December 17, 2014 Has anyone caught wind if the president intends to sign it and when? I would like to think he wouldn't dare veto it. I bet the truck dealerships will be busy this weekend now that business owners aren't limited to a $25,000 Section 179. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted December 17, 2014 Report Share Posted December 17, 2014 He's expected to sign it in the next couple of days. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted December 17, 2014 Report Share Posted December 17, 2014 I apologize if this is political, but it was refreshing to see the President act reasonable on the spending bill and the extenders. He signaled early that he would sign both if they passed congress. It made him look downright moderate. First time I have actually seen him act this way. Refreshing. Tom Newark, CA 1 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted December 17, 2014 Report Share Posted December 17, 2014 Likewise, that Congress came to agreements also. Quote Link to comment Share on other sites More sharing options...
SaraEA Posted December 18, 2014 Report Share Posted December 18, 2014 We have a client itching to buy a $120k piece of equipment. He calls every day to learn about the extenders. Just hoping he can take delivery and put it in service before Dec 31 (he really needs the deduction). WHY does congress do this to taxpayers? Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted December 18, 2014 Report Share Posted December 18, 2014 WHY does congress do this to taxpayers? Congress does not care one iota about taxpayers. 2 Quote Link to comment Share on other sites More sharing options...
FreedomTaxed Posted December 18, 2014 Report Share Posted December 18, 2014 Will this alleviate the problem of the IRS suggesting the tax season will be delayed again? Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted December 18, 2014 Report Share Posted December 18, 2014 Will this alleviate the problem of the IRS suggesting the tax season will be delayed again? The IRS prints the forms in November. You do the math... Quote Link to comment Share on other sites More sharing options...
jklcpa Posted December 18, 2014 Report Share Posted December 18, 2014 The IRS prints the forms in November. You do the math... ...and IRS and all vendor software must be updated and tested to include the extenders. Quote Link to comment Share on other sites More sharing options...
Pacun Posted December 18, 2014 Author Report Share Posted December 18, 2014 That update has been ready since last year. As a matter of fact they had two versions of the software, one with the extenders and another without the extenders. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted December 18, 2014 Report Share Posted December 18, 2014 That update has been ready since last year. As a matter of fact they had two versions of the software, one with the extenders and another without the extenders. ...and I have a bridge to sell... Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted December 18, 2014 Report Share Posted December 18, 2014 The next piece of information I am looking for is right after the president signs the bills.....The IRS will give an announcement that the tax season filing will open on XX/XX/2015. We should start a pool as to what the first date of e-file will be. Tom Newark, CA Quote Link to comment Share on other sites More sharing options...
jklcpa Posted December 18, 2014 Report Share Posted December 18, 2014 The next piece of information I am looking for is right after the president signs the bills.....The IRS will give an announcement that the tax season filing will open on XX/XX/2015. We should start a pool as to what the first date of e-file will be. Tom Newark, CA Yes, a pool. I think it will be something like in prior years where the season opened around the 3rd week of Jan for basic returns, but those with sec 179 and other extenders weren't available for e-filing until late Feb or sometime in March, but paper filing those earlier was an option. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted December 18, 2014 Report Share Posted December 18, 2014 I have a hot fudge sundae on: Personal returns can be filed on Feb. 9, 2015 or later. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted December 19, 2014 Report Share Posted December 19, 2014 Hot Fudge Sundaes with peanuts are my favorite; so I am going for January 22nd (ish) Quote Link to comment Share on other sites More sharing options...
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