Mike is devoted to helping businesses build value and improve working capital, and helping individuals preserve and protect their family wealth. Foundational to this mission is his concentration in the area of taxation, which impacts so much of business and personal financial planning. In representing businesses, this includes counseling clients on the tax aspects of business formation, financing, reorganization, and acquisition transactions, as well as business succession planning. With individual clients, this includes assistance with income tax planning, and planning for estate, inheritance, and other death taxes.
Last week Congress passed the “Tax Increase Prevention Act of 2014,” which President Obama signed into law on Friday December 19, 2014. Referred to as the “extenders package,” it extends certain tax provisions that had expired on December 31, 2013. The extension of almost all provisions is through December 31, 2014, which is of course a very welcome development for those who will see benefits relating to their 2014 activity. However, for those who have been waiting to take action until the passage of extender legislation, it leaves very little time to get things done.
The more universally applicable provisions which have been extended are summarized below.