Congress to Vote on Tax Extender Bill Friday
On Tuesday night, Congress reached an agreement on a year-end spending and tax deal that includes the much anticipated tax “extender” provisions. The tax bill is expected to extend around 50 credits for businesses and individuals, while also delaying until 2017 a tax on medical device manufacturers. This news provides some insight of what to expect, including:
- Research credit and Section 179 expense made permanent
- New Markets Credit and bonus depreciation extended
- Affordable Care Act (ACA) taxes on medical devices and Cadillac health plans deferred
- Tuition and expanded child tax credits made permanent
It is important to note that the text of the bill indicates that some of the items being extended have the potential for modifications; the details of which are not yet available.
AAFCPAs would like to remind you that much needs to happen before this becomes law, including a final signature by the President. As always, AAFCPAs will keep you informed and provide further updates as they become available.
Also, in case you missed our email yesterday, we sent Tax Planning Guides for Individuals and Businesses, Year-End 2015. These tax guides are organized into sections discussing year-end, as well as year-round, tax-saving opportunities:
- Click here to download the Tax Guide for Businesses (19 pages), including
- Partnerships, limited liability companies, and S corporations, and
- Regular (C) corporations
- Click here to download the Tax Guide for Individuals (25 pages)
We encourage you to have AAFCPAs’ Tax Team assist you with your specific tax strategy and to ensure you take full advantage of available tax savings. If you have questions, please contact your AAFCPA partner, or Rich Weiner, CPA, partner at 774.512.4078, firstname.lastname@example.org. Thank you.