2016 Tax Year-In-Review

Posted on January 2, 2016

2016 began and ended with the promise of comprehensive tax reform. The election of Donald Trump as the 45th President of the United States appears to make tax reform likely in 2017.  At the same time, legislation, court decisions and IRS determinations issued in 2016 will impact 2017 and beyond. During 2016, the IRS issued regulations on a number of far-reaching subjects, including corporate taxation, international taxation, individual taxation, health care, and more. Congress also passed several targeted tax laws. Looking ahead, 2017 is almost certain to be a pivotal year for taxes and tax planning.

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Tax Extenders Package Makes Many Provisions Permanent

Posted on December 29, 2015

Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). President Obama signed the Act and a FY 2016 omnibus on December 18. The Act does considerably more than the typical tax extenders legislation seen in prior years. It makes permanent over 20 key tax provisions, including the research tax credit, enhanced Code Sec. 179 expensing, and the American Opportunity Tax Credit. It also extends other provisions, including bonus depreciation, for five years; and revives many others for two years. In addition, many extenders have been enhanced. Further, the Act imposes a two-year moratorium on the ACA medical device excise tax. The House passed the Act on December 17 by a vote of 318-109; The Senate approved the Act along with the FY 2016 omnibus on December 18 by a vote of 65 to 33.

Read the full coverage here.

For more information, contact Mike Vogel, CPA, Mike Cameron, CPA or John Rittichier, CPA at 800-880-7800.