News Update - House and Senate pass the Tax Increase Prevention Act of 2014
On December 16, 2014, the senate passed the Tax Increase Prevention Act of 2014 (HR 5771) with bipartisan support. While not official enacted until the President signs it, since there was bipartisan support in both the House and the Senate, the President is expected to sign it.
The Tax Increase Prevention Act of 2014 extends the following provisions through December 31, 2014. These provisions had previously expired on December 31, 2013.
1. 50% bonus depreciation.
2. Increased Section 179 of $ 500,000 and an phase out acquisition limit of $ 2,000,000.
3. 15-year recovery life for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.
Asset Keeper Pro was updated on December 17, 2014 to allow users to apply these provisions to their 2014 acquisitions.
The IRS has indicated that due to the timing of this bill, final release of tax forms would probably be delayed. This includes the IRS Form 4562 and 4797, which are included in Asset Keeper Pro.