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Extended Business Provisions Applicable to 2014 Only

The following business related provisions were extended for one year and are applicable for 2014 federal returns:

  • Increased Section 179 Expense Deduction Amounts
    • Maximum Deduction: $500,000
    • Maximum cost before the limit is reduced: $2,000,000
  • Qualified Real Property category for Section 179 Expense Deduction
    • Maximum deduction: $250,000
    • Qualified property includes: leasehold improvements, restaurant property, and retail property
  • 50% bonus depreciation on qualifying property
  • 15 year straight line depreciation for qualified leasehold restaurant and retail improvements
  • New Markets Tax Credit
  • Work Opportunity Credit
  • Work Opportunity Credit for hiring qualified veterans
  • Research and Development Credit
  • Credit for construction of new energy efficient homes
  • Accelerated Depreciation for Indian reservations
  • Indian employment credit
  • Exception under Subpart F for Active Financing Income
  • American Samoa Economic Development Credit
  • Deduction allowable with respect to income attributable to Domestic Production activities in Puerto Rico
  • Qualified Zone Academy Bonds
  • Maintaining railroad tracks credit
  • 7 year recovery period for certain motorsports racetrack property
  • Tax treatment of certain payments to controlling exempt organizations
  • Basis adjustment to stock of an S Corporation making charitable contributions of property
  • Employer wage credit for active duty members of the uniformed services
  • Election to accelerate AMT and research credits in lieu of additional first year depreciation
  • 100 percent exclusion of gain on sale of qualified small business stock
  • Enhanced deduction for charitable contributions of food inventory
  • Tax incentives for empowerment zones
  • Mine Rescue Team Training Credit
  • Election to Expense advanced mine safety equipment
  • Special expensing rules for certain film and television productions

Recent Tax Updates

Last Round of ITINs will expire at end of 2020
September 15, 2020

Update on IRS Efforts to Fight Tax Identity Theft
August 12, 2020

Reminder: Filing Deadline is July 15
July 7, 2020

Reminders of Filing Deadlines for 2019 Returns and 2020 2nd Estimated Payment
June 8, 2020

SECURE Act Retirement Account Changes
June 2, 2020

CARES Act Tax Provisions
May 7, 2020

Additional Updates
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