Wolters Kluwer

Tax Increase Prevention and ABLE Acts of 2014 and Other Recent Tax Acts: Law, Explanation & Analysis

Book - Softcover
Author(s): CCH Tax Law Editors
Published: 01/30/2015

$18.75

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ISBN: 9780808040477
Offer Number: 10015609-0012
Pages: 450
Binding: Other
Volumes: 1

Wolters Kluwer's Tax Increase Prevention and ABLE Acts of 2014 and Other Recent Tax Acts: Law, Explanation & Analysis, provides tax practitioners with a single integrated reference source of this important legislation. Along with the Internal Revenue Code provisions, as amended, CCH editors, together with leading tax practitioners, have created a complete practical analysis of this legislation. Tax Increase Prevention and ABLE Acts of 2014 and Other Recent Tax Acts: Law, Explanation & Analysis is now available in an eBook format which you can download to your computer instantly.

Tax Increase Prevention Act of 2014; ABLE Act of 2014

The Tax Increase Prevention Act of 2014 (H.R. 5771) extends numerous individual, business, and energy tax incentives through 2014. It also provides technical corrections to existing tax laws. The ABLE Act of 2014 (H.R. 647) creates tax-exempt accounts for use by individuals to pay qualified disability expenses as well as providing rules for certain professional employer organizations. President Obama signed the combined TIPA and ABLE bills into law on December 19, 2014

Other Recent Legislation

-- Consolidated and Further Continuing Appropriations Act, 2015

The Consolidated and Further Continuing Appropriations Act, 2015 (P.L. 113-235) provides continuing appropriations for the federal government for the 2015 fiscal year. The legislation also exempts health plans for Americans living abroad from certain requirements of the Patient Protection and Affordable Care Act (P.L. 111-148), as well as extends the amortization period and funding improvement and rehabilitation rules for multiemployer plans under the Pension Protection Act of 2006 (P.L. 109-280). The President signed this bill into law on December 16, 2014.

-- Rollovers of Airline Bankruptcy Payments

Certain airline employees have the option to contribute bankruptcy settlements to an IRA as a rollover contribution and without penalty under legislation signed into law on December 18, 2014.

-- Indian General Welfare Benefits

This Tribal General Welfare Exclusion Act of 2014 (P.L. 113-168) provides a statutory exclusion from gross income for the value of any Indian general welfare benefit under an Indian tribal government program to a member of an Indian tribe. The President signed this into law on September 26, 2014.

-- Cooperative and Small Employer Charity Pension Plans

The Small Employer Charity Pension Plan Flexibility Act (P.L. 113-97) provides permanent relief from compliance with the defined benefit funding requirements of the Pension Protection Act of 2006 (P.L. 109-280) for eligible cooperative plans and plans of Code Sec. 501(c)(3) organizations. The President signed this legislation into law on April 7, 2014.

-- Highway and Transportation Funding Act of 2014.

The Highway and Transportation Funding Act of 2014 (P.L. 113-159) extends the Highway Trust Fund expenditure authority through May 31, 2015. This legislation became law on August 8, 2014.

-- Typhoon Haiyan Charitable Contributions