Once again we approach the end of a year following the so-called “Tax Extenders” legislation, which addresses federal tax incentives that expire on December 31 of each year, unless renewed by Congress. The2014 bill was enacted with retroactive effect in mid-December 2014 and expired on December 31, 2014. Will Congress…
On November 2, 2015, President Obama signed into law The Bipartisan Budget Act of 2015 (H.R. 1314) which, among other things, imposes a new audit regime on tax partnerships beginning in 2018. Under the new regime, unless a partnership is eligible to elect out and does so timely, IRS can…
The great commentator—and occasional baseball player—Yogi Berra may have left us behind, but Congress continues to prove his words prophetic. For yet another year, we are in the fourth calendar quarter awaiting federal tax legislation designed to spur economic activity as of the preceding January. Last year we followed the…
On Tuesday, December 16 the Senate passed the “The Tax Increase Prevention Act of 2014,” popularly known as the 2014 Tax Extenders Bill. President Obama is expected to sign the bill into law. Unfortunately, even in its passage, the new law exemplifies political dysfunction and gridlock. The bill temporarily extends…
In April we wrote about the pending Tax Extenders legislation, the passage of which is necessary to revive temporary tax relief provisions for the 2014 tax year and for future tax years. The bill prominently features tax breaks that support capital expenditures and business merger and acquisition activity, as well as…