"A Mobile Tax & Financial Services Co" - Company Message
RSS

Recent Posts

Tax & Wealth Advisor Newsletter for December 2017
Tax & Wealth Advisor Newsletter for November 2017
Tax & Wealth Advisor Newsletter for October 2017
Tax & Wealth Advisor Newsletter for September 2017
Tax & Wealth Advisor Newsletter for August 2017

Categories

Bookkeeping
IRS Tax News
Services
Social Media
Tax News Articles
Tax Time is Here Again
powered by

My Blog

Tax Law Changes for TY 2016 – Part 1 -TAX LAW AND NEWS August 31, 2016 / Mike D'Avolio, CPA

The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed by President Obama on Dec. 18, 2015. This tax law change extended a number of expired tax breaks. Almost half of the provisions were extended permanently, and the remaining provisions were extended for at least one year. Typically, tax extenders are voted on by Congress every year or two. About 11 million tax filers claimed one or more of these tax extender benefits when filing a tax return in the past. The following list recaps the provisions that were extended.Permanent ExtensionsTax Relief for Families and Individuals
  • Enhanced American Opportunity Tax Credit
  • Enhanced Earned Income Tax Credit
  • Extension and modification of deduction for certain expenses of elementary and secondary school teachers
  • Extension of deduction of state and local general sales taxes
  • Extension of parity for exclusion from income for employer-provided mass transit and parking benefits
Incentives for Charitable Giving
  • Extension of tax-free distributions from individual retirement plans for charitable purposes
  • Extension and modification of special rule for contributions of capital gain real property made for conservation purposes
  • Extension and modification of charitable deduction for contributions of food inventory
  • Extension of basis adjustment to stock of S corporations making charitable contributions of property
Incentives for Growth, Jobs, Investment and Innovation
  • Extension and modification of increased expensing limitations ($500,000) and treatment of certain real property as Section 179 property
  • Extension of 15-year straight-line cost recovery for leasehold improvements, restaurant buildings and improvements, and retail improvements
  • Extension and modification of research credit
  • Extension of exclusion of 100 percent of gain on certain small business stock
  • Extension of reduction in S corporation recognition period for built-in gains tax
  • Extension and modification of employer wage credit for employees who are active duty members of the uniformed services
Extensions through 2019
  • Extension and modification of bonus depreciation (50 percent through 2017)
  • Extension of New Markets Tax Credit
Extensions through 2016Tax Relief for Families and Individuals
  • Extension of above-the-line deduction for qualified tuition and related expenses
  • Extension and modification of exclusion from gross income of discharge of qualified principal residence indebtedness
  • Extension of mortgage insurance premiums treated as qualified residence interest
Incentives for Growth, Jobs, Investment and Innovation
  • Extension and modification of empowerment zone tax incentives
  • Extension of Indian Employment Credit
  • Extension and modification of accelerated depreciation for business property on an Indian reservation
  • Extension and modification of Qualified Railroad Track Maintenance Credit
  • Extension of Mine Rescue Team Training Credit
  • Extension of Qualified Zone Academy Bonds
  • Extension of special expensing rules for certain film and television productions
  • Moratorium on Medical Device Excise Tax
Incentives for Energy Production and Conservation
  • Extension and modification of credit for nonbusiness energy property
  • Extension of credit for energy-efficient new homes
  • Extension of credit for two-wheeled plug-in electric vehicles
  • Extension and modification of credits with respect to facilities producing energy from certain renewable resources
Residential Energy Efficient Property Credit (REEP)For 2016, the REEP credit can be claimed for 30 percent of the cost of each of following: Solar electric property, solar water heating property, fuel cell property, small wind energy property and geothermal heat pump property.This credit was scheduled to expire for property placed in service after Dec. 31, 2016. It was extended through 2021 for solar electric property expenditures and solar water heating property expenditures. The credit percentage drops from 30 percent to 26 percent for property placed in service in 2020, and to 22 percent for property placed in service in 2021. Credits for fuel cell property, wind energy property and geothermal heat pump property expire for property placed in service after 2016.Editor’s note: Want more stories like this? Get more tax law and news updates from Intuit® ProConnect™

7 Comments to Tax Law Changes for TY 2016 – Part 1 -TAX LAW AND NEWS August 31, 2016 / Mike D'Avolio, CPA:

Comments RSS
www.essayprime.co.uk on Tuesday, November 07, 2017 4:11 AM
Your work is good. I want more information about this topic. Can you provide a good documentation on this topic. For document format you can go through . It is one of the cheapest writing service.
Reply to comment


do my assignment for me on Tuesday, November 07, 2017 4:11 AM
It was really good work. I really like your thoughts.I personally appreciates for your work.your article is very impressive and helpful for us. Hope you will share these kinds of things with us also in future.
Reply to comment


Skycap Loans on Saturday, February 02, 2019 1:07 AM
Skycap Loans provides loans up to $10,000 and the application process is quick and easy, followed by a fast loan decision. If you’re improving your spending habits, you may never have to use a service like this. But it’s good to know it’s there.
Reply to comment


Ramon on Monday, February 18, 2019 2:08 AM
Very well written article about tax law which i like reading.I am impressed to see your work,you have done a great job. Garage Shelving available from our online store
Reply to comment


Larson on Monday, February 18, 2019 2:34 AM
Great website about tax law, i have gone through the articles found it good to read.I have got useful knowledge which i did not now before. Buy non slip mat
Reply to comment


Clark on Monday, February 18, 2019 10:07 PM
I like reading the article about TAX LAW which you have posted.I just want to say that you have used simple words which makes it easy to understand. Keep on it. Thanks for sharing this content click and buy caster wheels in uk
Reply to comment


Lara john on Monday, February 18, 2019 10:14 PM
Your blog is really good and informative. its really awesome and interesting and awesome. Thanks for sharing the nice and wonderful post. shop Industrial mats online
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment
Website Builder provided by  Vistaprint