The aptly named “Tax Increase Prevention Act of 2014” was signed into law last Friday by President Obama. The law gives everyone 12 days (8 not counting weekends) to take advantage of the opportunity to deduct sales taxes paid in 2014, as well as help our clients and others make tax-free IRA distributions to charities in 2014.
Note that the “extender” provisions for the tax breaks are retroactive to January 1, 2014. So transactions completed earlier this year will also benefit from the law. For more details, read my earlier post on this law.
Many of you already know this law is now final ….but I like to close loops and I said last week that I would let you know when (I may have said if) the bill became law. If I had known that my taking a vacation day was all that was required to finalize the law, I would willingly have gone Wednesday. Just kidding.
President Obama signed the bill (H.R. 5771) into law Friday giving everyone 12 days, 8 not counting weekends, to take advantage of the extended opportunity to deduct sales taxes as well as help our clients and donors make tax-free IRA distributions to charities in 2014. The “extender” provisions are all retroactive to January 1, 2014 so transactions completed earlier this year will also benefit from the law which is officially titled “The Tax Increase Prevention Act of 2014.”