House Passes One-Year US Tax Extenders Renewal

The United States House of Representatives has passed, by a bipartisan vote of 378-46, a Bill that approves a one-year renewal for the "tax extenders." Following the failure of other more selective and longer-term proposals, the Tax Increase Prevention Act of 2014 takes in all of the 50-plus tax provisions for individuals and businesses that expired at the end of 2013 and extends them until the end of this year. They will therefore need to be revisited by the next Republican-led Congress sometime in 2015. Renewal of the measures will, however, mean greater certainty for those individual and business taxpayers who are affected by the expired provisions, and also reduce operational and compliance risks that could have delayed the tax filing season and the processing of taxpayer refunds. Source: