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Archives for December 2014

Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2014

IRS

Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and have them count for tax-year 2014, per a statement from the IRS. IRA owners age 70½ or older have until Wednesday, Dec. 31 to make a direct transfer of part or all of their IRA distributions to an eligible charity. Read MORE.

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President Obama Signs Extenders Bill Into Law

sign

On Dec. 19, President Obama signed into law H.R.5771, the “Tax Increase Prevention Act of 2014” (TIPA). The bill generally provides for a 1-year extension, through 2014, of over 50 expired or expiring individual, business, and energy provisions, many of which have been on the books for years but which technically are temporary because they have a specific end date. More info HERE.

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Just in Time…Senate Approves Tax Extenders Bill

tax

With just over two weeks left in the 2014 calendar year, the Senate finally made up its mind about the tax extenders bill. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval. While the bill is only a temporary fix, it will be welcome relief to many taxpayers as they begin to file their 2014 tax returns.  Here are more details from a report in Forbes.

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House moves toward temporary fix on tax break extensions

The House moved on Monday toward a vote to restore a slew of expired tax breaks, though only through the end of this year.

The vote on a short-term extension, expected as soon as this week, would come after a veto threat from President Obama derailed a developing $400 billion deal between Senate Majority Leader Harry Reid (D-Nev.) and House Ways and Means Chairman Dave Camp (R-Mich.) that would have extended some expired tax breaks indefinitely, as well as others for two years. Read more HERE.

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