Federal Tax Alert - December 2014

December 2014

In a flurry of year-end activity, Congress approved and President Obama has signed into law the Tax Increase Prevention Act of 2014, which extends so-called "tax extenders" retroactively for one year (through 2014). It also includes the Achieving a Better Life Experience (ABLE) Act, creating tax-favored savings accounts for individuals with disabilities along with some tax-related offsets. Before adjourning, Congress also approved an Omnibus Spending Agreement for fiscal year (FY) 2015, which cuts funding for the IRS.