MEDIA ALERT: President Signs Sweeping Tax Legislation - What Taxpayers Need to Know

Wolters Kluwer Provides Analysis and Expertise for New Law’s Impact on Upcoming Filing Season

--()--Details: Many tax preparation questions were answered when President Obama signed the Protecting Americans from Tax Hikes Act (PATH Act) and the related omnibus spending legislation into law on December 18. In addition to creating a $622 billion tax break package, the new law also enacted several significant changes, including:

“Americans who had counted on tax breaks through temporary measures that were continuously renewed to prevent expiration now know which ones they can bank on for the upcoming tax season.”

  • Making more than 20 key tax provisions permanent, including the Research Tax Credit and greater Code Sec. 179 expensing limits for smaller businesses.
  • Delaying excise taxes in the Affordable Care Act (ACA) affecting taxpayers choosing more expensive health insurance plans, also known as “Cadillac Plans.”
  • Establishing a two-year moratorium on the ACA’s medical device excise tax.

“The law offers considerably more than the typical tax extenders legislation we’ve seen from Congress in recent years,” said Mark Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters Kluwer Tax & Accounting. “Americans who had counted on tax breaks through temporary measures that were continuously renewed to prevent expiration now know which ones they can bank on for the upcoming tax season.”

Full details are included in the new Wolters Kluwer Tax Briefing, “Protecting Americans from Tax Hikes Act of 2015,” featuring expert commentary, planning notes and impact statements. The Briefing provides all of the information needed to quickly get up to speed on this important legislation.

Expert Analysis for Tax Season Reporting: Mr. Luscombe is available for interviews and in-depth analysis of key tax developments that individual taxpayers and businesses should be aware of in the new law.

Free access to the tax briefing is available by visiting this web link.

Mr. Luscombe and other Wolters Kluwer tax experts are available for interviews to explain specific tax changes affecting upcoming federal and state income tax filings. To arrange interviews with federal and state tax experts from Wolters Kluwer on these or any other tax-related topics, please contact:

Contacts

Wolters Kluwer Tax & Accounting
Eric Scott, 847-267-2179
Eric.Scott@wolterskluwer.com
or
Brenda Au, 847-267-2046
Brenda.Au@wolterskluwer.com

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