On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014,” (TIPA, or “the Act”), which the President recently signed into law. As explained in this Special Study, the Act extends a host of individual tax provisions, including the above-the-line deductions for higher education expenses and educators’ expenses, deductions for state and local sales tax and mortgage insurance premiums, the exclusion for discharged home mortgage debt, parity in excludible transportation benefits, and the allowance of tax-free charitable transfers from a taxpayer’s IRA.
Please read this article to for more specific details about the TIPA. Contact our office to discuss your specific situation.
Dean R. Holland, CPA