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2014 Tax Information

 December 19, 2014

IRS Commissioner John Koskinen predicted a complex and challenging filing season due to cuts in the Service’s funding. “The IRS expects the upcoming filing season to be a very complex one, so it’s more important than ever for people to consider getting help with their taxes, and to choose that help wisely,” Koskinen told reporters at a news conference in Washington, D.C. on December 18. Koskinen highlighted the Service’s having to do more with less because of reduced funding, the complexity of new requirements under the Patient Protection and Affordable Care (PPACA) (P.L. 111-148), and other recent circumstances.

December 18, 2014

The Senate on December 16 approved, by a vote of 76 to 16, the Tax Increase Prevention Act of 2014(HR 5771), which retroactively extends for one-year some 54 expired tax provisions and makes technical corrections to existing tax laws. The Act, which is estimated to cost $44.7 billion over 10 years, extends the currently-expired incentives through 2014.