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The Tax Increase Prevention Act of 2014
On Dec. 19, 2014, the President signed into law the long-awaited year-end tax package, the Tax Increase Prevention Act of 2014 (TIPA). This law extended to the end of 2014 many but not all of the individual, business, and energy provisions that expired at the end of 2013. In addition, the law provides for a new tax-advantaged savings program to aide in meeting the financial needs of disabled individuals, called the ” Achieving a Better Life Experience” (“ ABLE”) program, as well as several other miscellaneous provisions.
Advantages of 2014
2014 remains a good year for law firms and their business clients to have made large fixed asset purchases or capital improvements. The additional first-year depreciation deduction (also known as bonus depreciation) is 50% of the adjusted basis of qualified property acquired and placed in service after Dec. 31, 2011 and before Jan. 1, 2015 (Jan. 1, 2016 for certain longer-lived and transportation property). The boosted expensing amounts under IRC Section 179 also remain through the 2014 tax year, which allow the firm/client to expense up to $500,000 for tangible personal property placed in service. This begins to become phased out once $2 million of qualifying property is placed in service, and becomes completely phased out when the cost of expensing eligible property exceeds $2,500,000. In addition, qualified leasehold improvement property can still be depreciated over 15 years for qualified leasehold improvements that were placed in service before Jan. 1, 2015.
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