Key Tax Developments, Quarter 3

We’ve summarized some of the tax developments from the last three months that may have an impact on you and your family.  Some of the highlights from this quarter include:

  • Updates on the Affordable Care Act (ACA) tax credit and regulations on that credit
  • New regulations for deducting/capitalizing property costs and for depreciable property
  • Developments in tax treatment of same sex couples after the Supreme Court decision to strike down section 3 of DOMA (Defense of Marriage Act)
  • Guidance for late elections regarding S corporations
  • Information for employers about a simplified per-diem increase
  • Update on Supreme Court’s handling of FICA tax treatment of severance pay

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