On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014” (TIPA, or “the Act”), which the President has recently signed into law. As explained in this Special Study, the Act extends a host of tax breaks for businesses, including the research credit, the new markets tax credit, the employer wage credit for activated reservists, enhanced charitable deductions for contributions of food inventory, and empowerment zone tax incentives.
Please read this article to for more specific details about the TIPA. Contact our office to discuss your specific situation.
Dean R. Holland, CPA