Also written by Denise Mummert:
IRS Changes “Use-It-Or-Lose-It” Rule for Healthcare Flexible Spending Arrangements
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President Signs Tax Extenders Bill

Windham Brannon

On December 19, President Obama signed a one-year tax extenders package into law. The bill, H.R. 5771, includes the Tax Increase Prevention Act of 2014 which extends a package of more than 50 individual, business, and energy provisions through the end of 2014. The House and Senate passed this legislation on December 3 and December 16, respectively.

The summary below lists some of the major provisions which have been extended.

Individual extenders

  • The option to take an itemized deduction for state and local general sales taxes instead of state and local income taxes.
  • The increased contribution limits and carry ...