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Dear <<First Name>>,

Welcome to the December 2014 edition of Chortek's Insights Newsletter. In this, the final newsletter for 2014, we focus on the Tax Increase Prevention Act, the new standard mileage rate published by the IRS, tax savings opportunities available to businesses that export products and we look at how major beer producers are learning a few tricks from small craft brewers. As knowledge experts in manufacturing and distribution, with a special focus on the Food and Beverage industry, Chortek is eager to help business owners manage their finances and build their businesses.

Follow these links to learn more about our expertise in the Food and Beverage and Craft Brewery industries.


Tax Increase Prevention Act of 2014

On December 17, 2014, the House of Representatives passed the Tax Increase Prevention Act of 2014. It will likely be signed into law soon by the President. This Act extends, for one year, numerous tax provisions that expired as of December 31, 2013. Highlights of the Act are included below with a more comprehensive overview in the SPECIAL REPORT published by Wolters Kluwer CCH.

  • Research credit.
  • Work Opportunity Tax Credit.
  • Reduction in S-corp recognition period for built-in gains tax.
  • Exclusion of 100% of gain on certain small business stock.
  • Enhanced deduction for food inventory.
  • State and local sales tax deduction.
  • Above the line deduction for educator expenses.
  • Exclusion for discharged home mortgage debt.
  • Mortgage insurance premiums as deductible qualified residence interest.
  • Nontaxable IRA transfers to Eligible Charities.
  • Above the line deduction for Higher Education Expenses.
  • First-year depreciation cap for 2014 autos and trucks boosted by $8,000.
  • 50% bonus depreciation.
  • 15 year write-off for Qualified Leasehold and Retail Improvements and Restaurant Property.
  • Section 179 limit of $500,000.
Beer Giants Take Lessons From Craft Brewers
There was a time when craft and artisan beer styles were the domain of small craft brewers operating in relative obscurity. Today the wave of continued growth of craft breweries has caught the attention of mega brewers.
Standard Mileage Rate for Business to Rise
The IRS recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Do You Export? Think About an IC-DISC
Do you directly export goods that you manufacture? Do you provide architectural or engineering services for projects built outside the U.S.? Do you manufacture a part that is included in a product that is exported? See if an IC-DISC can save your business money.
Chortek is a leading professional services firm with deep industry expertise delivering accounting, auditing and tax compliance services coupled with value-driven technology solutions, tailored M&A offerings and responsive fraud investigation services. Throughout offices in Wisconsin and Washington, DC, Chortek advises business leaders, governmental agencies and individuals on innovative ways to protect assets and enhance efficiencies through a consistent, client-centric experience.
Copyright © 2014 Chortek LLP, All rights reserved.

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