Key Tax Developments, Quarter 1

Educational Articles | 06.08.2016

This year continues to be a busy one in the financial world. We know that keeping up with changes in taxes can be intimidating, so we’ve done the work for you. Here are some of the most important tax changes that have occurred in the last three months:

· The PATH Act, or the Protecting Americans from Tax Hikes of 2015 Act, introduced inflation adjustments for two tax breaks: the annual election to expense under Section 179 and the excludable amount for transit passes and vehicles used for commuting.
· The PATH Act also provided relief for employers to retroactively claimed the Work Opportunity Tax Credit (WOTC).
· Cuba has been removed from the U.S.’s list of sanctioned countries, releasing foreign tax credits and changing controlled foreign company income treatment.
· Potential identity theft hazards caused the IRS to withdraw a proposal regarding the obtaining, storing and sending of social security numbers by charitable organizations.
· The IRS announced that it will not tax Identity Protection Services provided by businesses to employees or other individuals before a data breach occurs.

If you have questions about how these tax changes might affect you, your family, or your business, call Burkett Burkett & Burkett, Certified Public Accountants, P.A. for more information. We can help clear up the confusion that surrounds tax changes and get you on the right path toward financial literacy. For further information regarding these tax developments and more, read the full article here.

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