Key Tax Developments, Quarter 3

Educational Articles | 10.15.2015

Over the summer, many important changes have taken place that may affect how you file taxes for yourself, family, and business. Read below to learn more about key tax developments that occurred during Quarter Three, and how they impact you.

Tax Legislation:  President Obama signed the Transportation Act into law on July 31, 2015. The Transportation Act included tax mandates changing due dates for when Partnerships, S Corporations and C Corporations must file taxes, and also sets new automatic extension periods. The regulation also includes provisions for Veterans with VA or TRICARE health coverage.

Safe Haven: The IRS has provided a new accounting safe haven concerning timing of expenses for service contracts. If the taxpayer obtains IRS consent under automatic consent guidelines, an accrual method taxpayer may expense the cost of routine services meeting certain criteria.

Simplified Per-Diem Rates Increases for Travel: The IRS increased “high-low” simplified rates effective October 1, 2015. Simplified per diem rates permit an employer may pay a per-diem amount to an employee on business travel in lieu of reimbursing actual substantiated expenses for business-related travel costs, like lodging, transportation, and other incidentals.

Other tax developments in Quarter Three included announcements, private letter rulings and tax court rulings regarding bonus depreciation, home mortgage interest deductions for unmarried co-owners, residential energy credit expansion to owners of offsite solar arrays, and defined benefit plans.

If you have any concerns about how these changes affect you, or if you need help understanding these new legislations, call Burkett Burkett & Burkett Certified Public Accountants, P.A. to set up an appointment today.

You can read the full article here.



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