On Friday Pres. Obama signed HR 5771, the Tax Increase Prevention Act of 2014 into law. While employers can be glad their efforts to utilize the Work Opportunity Tax Credit and other tax incentives during 2014 were not wasted, we are now faced with a new expiration date approaching in only 12 days. (more…)
Last night the House of Representatives passed a massive $1 trillion spending bill, after which House members began skipping town. Unfortunately, the spending bill was viewed as the final hurtle to jump on members’ way to Christmas vacation.
With the House no longer in session, the Senate is left with the option of passing HR 5771 (tax extenders) as it was originally delivered by the House or simply letting it die. Amendments to the bill would require it to go back to the House for approval but that is no longer an option. (more…)
Today, the U.S. House of Representatives is expected to vote on (and pass) HR 5771– the Tax Increase Prevention Act of 2014. This will be Congress’ first solid step in some time toward passage of tax extenders. HOWEVER, in its current form the bill’s provisions fall short of expectations. (more…)