Daily Tax Update - December 2, 2014: Congress Considers Tax Extenders Bill

Congress Considers Tax Extenders Bill:  The House Rules Committee is considering H.R. 5771 the “Tax Increase Prevention Act of 2014,” which would extend certain expired tax provisions, but only through the end of 2014.  In addition, the House is considering H.R. 647, the ABLE Act, which allows for tax-deferred savings accounts for persons with disabilities. 

TIGTA Finds Improvements Needed to Strengthen Security and Testing Controls for the Affordable Care Act Information Returns Project:  The Treasury Inspector General for Tax Administration (TIGTA) has released a report that provides that improvements are needed to protect the security of health care information provided by health insurance providers and pharmaceutical manufacturers and importers.  The report recommends that the IRS’s chief technology officer ensure that: 1) procedures are developed to provide direction on how to mitigate vulnerability weaknesses; 2) vulnerability weaknesses identified are promptly corrected and resolved; 3) the ACA Plan of Action and Milestones adequately addresses the vulnerability weaknesses within the required time frames; and 4) the IT implementation and testing organization effectively manages the testing processes executed by the external contractors.