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

Click here for full document.