How Your Clients Can Benefit From the PATH ActFebruary 9, 2016
On Dec. 18, 2015, Congress passed the Protecting Americans from Tax Hikes (PATH) Act of 2015, a new wide-ranging law that does more than just extend expired tax provisions for another year. It makes many popular tax breaks permanent while extending others for a period of two or five years.
A major benefit of this law is that when it comes to certain deductions and credits, taxpayers will no longer have to wait for Congress to pass a temporary tax extenders law – often at the last minute – in order to plan tax-saving strategies. This is a welcome change for tax preparers and taxpayers alike.
A number of the more significant provisions that were made permanent include the research credit, enhanced Section 179 expensing and phase-out limits, the enhanced Child Tax Credit, and the enhanced Earned Income Tax Credit. Other major tax changes are a delay of the so-called “Cadillac tax,” a one-year suspension of the annual fee on health insurance providers, and an extension and phase-out of wind and solar energy credits…Accounting Web.
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