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Ask A CPA - Reinstatement of 2013 Tax Law

2014 Reinstated Tax Laws That Expired 12/31/13 For Business

Business tax incentives extended through 2014 include: The increased expensing limitations and treatment of certain real property as Sec. 179 property; The provision allowing 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements; The bonus first-year depreciation (for certain property with longer production periods, the property must be placed in service before Jan. 1, 2016); The exclusion of 100% of gain on certain small business stock; The allowance for basis adjustments to stock of S corporations making charitable contributions of property; The reduction in S corporation recognition period for built-in gains tax; The work opportunity tax credit; The Research & Development credit; The temporary minimum low-income housing tax credit rate for non-federally subsidized buildings; The empowerment zone tax incentives; The military housing allowance exclusion for determining whether a tenant in certain counties qualifies as low-income under the Housing Assistance Tax Act of 2008, The Indian employment tax credit; The new markets tax credit (and carryovers of the unused limitation are extended through 2019); The railroad track maintenance credit; The mine rescue team training credit; The employer wage credit for employees who are active duty members of the uniformed services; The provision classifying certain race horses as three-year property; The provision allowing a seven-year recovery period for motorsports entertainment complexes; The provision allowing accelerated depreciation for business property on an Indian reservation; The election to accelerate the alternative minimum tax credit in lieu of bonus depreciation (and special rules were added for round 4 extension property); The enhanced charitable deduction for contributions of food inventory; The election to expense mine safety equipment; The special expensing rules for certain film and television productions; The deduction allowable with respect to income attributable to domestic production activities in Puerto Rico; The modification of tax treatment of certain payments to controlling exempt organizations; The treatment of certain dividends of regulated investment companies (RICs); The treatment of RICs as qualified investment entities under the Foreign Investment in Real Property Tax Act, The subpart F exception for active financing income; The look-through treatment of payments between related controlled foreign corporations under foreign personal holding company rules; The temporary increase in the limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands; The American Samoa economic development credit under the Tax Relief and Health Care Act of 2006.

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