Congress Passes the Tax Extenders
Congress has passed legislation called the Protecting Americans from Tax Hikes Act of 2015 (“PATH”) as part of the Omnibus Spending Bill. It will extend many popular tax provisions that significantly impact individuals and businesses. The bill will be forwarded to the President for signature. This legislation retroactively extends business and individual tax provisions that expired at the end of 2014 and came just before taxpayers and the IRS gear up for the 2015 tax filing season. Several of the expired provisions are being extended permanently and in many cases modified. Certain provisions are being extended for five years (through 2019), while other provisions are extended for only two years (2015 and 2016).
Click the link below to see a summary of some of the bill’s key individual and business provisions:
If you have questions regarding any of the information in this communication, contact a member of team LGA today at 781-569-4700.