My objective with this article is to share with you the elements of current U.S. tax laws and the potential future changes that could affect you and your business. I intend to cover the Tax Increase Prevention Act of 2014. Then, I will examine the proposals from Republicans and Democrats that may become the law of the land in future years.
The Tax Increase Prevention Act of 2014 (“TIPA”) — During 2014, politicians delayed any change to tax legislation until late November. Then, through a flurry of activities in the House and Senate during the first few weeks of December, they agreed to a piece of legislation known as HR 5771 (TIPA), which was then sent to President Obama and signed into law on Dec. 19, 2014.