Mashup of Updates for Tax Year 2016

Tax Law and News U.S. Income Tax Return forms

Whether you missed any of the Intuit® ProConnect™ Tax Pro Center updates for tax year 2016 or simply need a refresher, we’ve posted several articles with a complete rundown of all pertinent tax law changes you need to know.

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.

In Tax Law Changes for Tax Year 2016, Part 1, the following areas are covered:

  • Permanent Extensions:
    • Tax Relief for Families and Individuals
    • Incentives for Charitable Giving
    • Incentives for Growth, Jobs, Investment and Innovation
  • Extensions through 2019
  • Extensions through 2016:
    • Tax Relief for Families and Individuals
    • Incentives for Growth, Jobs, Investment and Innovation
    • Incentives for Energy Production and Conservation
  • Residential Energy Efficient Property Credit (REEP)

 In Tax Law Changes for Tax Year 2016, Part 2, we cover:

  • Delayed Refunds for Taxpayers Claiming the Earned Income Tax Credit or Additional Child Tax Credit
  • Section 179 Modifications Beginning in Tax Years After 2015
  • Other Modifications for Tax Years After Dec. 13, 2015:
    • American Opportunity Credit and Tuition and Fees Deduction (Beginning in Tax Year 2016)
    • Due Diligence Requirements for Child Tax Credit and American Opportunity Tax Credit
    • Increase in Preparer Willful or Reckless Conduct Penalty
  •  Changes Outside of PATH Act:
    • Adjusted Filing Deadlines for Tax Year 2016
    • Revised Due Date for FinCEN Report
    • New Exclusion for Payments From Work-Learning-Service Programs

ACA and Employers: How Workforce Size Affects Responsibilities

It is the third year for reporting for the Affordable Care Act (ACA), and many new business owners may be wondering if there are any actions they need to take to ensure their business and employees are in compliance.

In this article, we tell you what you need to know to help your clients sort out the details and, of course, help you implement the ACA provisions in your own firm.

For more information about the tax implications of the ACA and helpful guides, please visit the Intuit® Affordable Care Act Resource Center, part of the Intuit ProConnect™ Tax Pro Center, and come back often to the Tax Pro Center for continuous tax law updates.