Key Tax Developments, Quarter 2

Educational Articles | 08.14.2015

Each quarter, we bring you the most important tax changes so you are aware of how these laws and regulations can affect you, your family, business, and livelihood. We’ve recapped some of the latest developments, including some notable Supreme Court decisions and others that may be lesser known but still impact you.

Supreme Court Ruling on Health Care Subsidies: Earlier this year, the Supreme Court upheld a ruling 6-3 that premium tax credits under the Affordable Care Act (ACA) apply not only to those who live in states with individual health care exchanges, but also for individuals in states who rely on the Federal Exchange.

Supreme Court Rules in Favor of Same-Sex Marriage: In a 5-4 ruling, the Supreme Court decided that same-sex marriages are legal, regardless of the state in which they were performed. This nationwide ruling shuts down any state-wide bans on same-sex marriage and makes it unlawful for any state to refuse to recognize these unions.

Tax Provisions for New Trade Laws: The Trade Preference Extension (TPE) Act of 2015 and the Trade Priorities and Accountability (TPA) Act of 2015 were signed into law by President Obama in June. Both of these laws affect health care benefits, child tax credits, and penalties imposed on individuals who fail to file correct tax returns.

ABLE Accounts: Disabled individuals who wish to set up a financial support system for themselves may do so by establishing an ABLE Account, or “Acheiving a Better Life Experience.” These accounts are tax exempt and assets can grow tax free. Families are also eligible to open accounts for their disabled loved ones. New tax provisions entail IRS regulations and how these accounts may be set up.

For other information on these important tax developments, including inflation adjustments for health savings accounts (HSAs), read the full article here.

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