As a holiday gift to the nation, Congress passed the so-called extender bill. This extends retroactively to January 1, 2014, nearly all of the 55 provisions that expired at the end of 2013. The extension is for one year only (2014 returns). Key provisions impacting individuals include:
The lateness of the enactment of these extenders likely will delay the start of the 2015 tax season for filing 2014 returns. An IRS update on the start of the tax season is expected soon.
A 12-month period ending on the last day of any month other than December. Partnerships, S corporations, and personal service corporations are limited in their choice of fiscal years and face special restrictions.