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Tax Increase Prevention Act of 2014 & How It Affects You
On December 16, 2014 Congress passed the Tax Increase Prevention Act of 2014, which retroactively extends a handful (around 50) of previously expired individual, corporate and energy tax breaks through the end of the year. The potential effects are far-reaching and could benefit corporations both big and small, as well as individuals, homeowners and those that live in a state without state income tax. Whether these tax breaks will be extended past the end of the year, or addressed and modified in a more comprehensive set of tax reforms has not yet been determined.
Our team of tax professionals and CPAs are here to help with all of your tax-related and year-end questions. Our Denver accounting office is conveniently located in the Congress Park neighborhood, so please feel free to give us a call or schedule an appointment to learn more about the new Act and see if it impacts you or your business.