The Protecting Americans from Tax Hikes Act of 2015 (PATH) was signed into law by President Obama on December 18, 2015. It includes numerous extensions of many tax provisions with various lengths. Some of the changes are permanent, while others extend for one to three years. Here is a synopsis of those changes:
The pervasive IRS impersonation phone scam has claimed nearly 3,000 victims who have collectively paid over $14 million, according to a new warning from the Treasury Inspector General for Tax Administration.
Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.
In 2010, when Congress passed the Affordable Care Act (commonly called Obamacare), the effects seemed far away to many of us. Now that the 2014 tax filing season is here, there will be several direct effects upon every American, with the requirement that all Americans of all ages obtain qualified health insurance for the entire year. The requirement to obtain health insurance applies to you individually as well as to anyone you claim as a dependent on your return.
Important 1 Percent Sales Tax Increase to be Decided by Voters in May
In one of its final acts for the 2013-14 legislative session, Congress passed the Tax Increase Prevention Act of 2014, extending many expired tax provisions retroactively for one year through 2014. Passage also included the Achieving a Better Life Experience Act, which created tax-favored savings accounts for individuals with disabilities and select tax-related offsets.
Of the 50 tax extenders passed, these provisions are deemed most significant:
WASHINGTON (Reuters) - The U.S. Senate was expected this week to renew dozens of temporary tax breaks, known as the "extenders," including big ones for business research, wind power and foreign profits.
Significant tax savings can be achieved through a properly planned program of gifts to charity. Although a contribution may be motivated by humanitarian reasons, it is nevertheless wise to take the tax considerations into account when making a contribution. Charitable giving can be divided into two general categories. First, there are donations that are made on a regular basis and involve relatively small amounts. Second, there is the large extraordinary donation often associated with estate planning. Different planning concepts govern each type of donation.
The 2015 tax filing season may seem like a long time away but it is not. Individuals who want to explore minimizing their tax burden and maximizing their tax savings are eager to get started now on 2014 year-end planning. By taking certain steps now, before 2014 draws to a close, individuals may be able to reduce the size of their tax bill otherwise due when they file their returns next year. This communication explores some of traditional year-end planning techniques, how events in 2015 may impact year-end planning, and more, including the Affordable Care Act, which impacts almost everyone in one way or another. Please feel free to contact our office if you have any questions about 2014 year-end tax planning.
If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA).
Employers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA. Applicable large employers are subject to the employer shared responsibility provisions.