Tax Alert: Last Minute Legislation Makes Permanent Business-Favorable Tax Breaks 12/28/2015Posted by Morse, Barnes-Brown Pendleton in Legal Developments, Taxation.
Tags: PATH Act, tax breaks, tax legislation
In early December, Congress passed and President Obama signed the “Protecting Americans from Tax Hikes (PATH) Act of 2015,” a tax package making permanent certain tax breaks that had previously expired every year or two years (requiring legislative action to be renewed). These now permanent tax breaks cover a range of entities and business practices. This alert addresses selected business provisions of the Act.
Action: Taxpayers should review all extended breaks; but may find those highlighted here particularly relevant. Tax benefits may be available by taking year-end action. Businesses and individuals that have already filed tax returns including 2015 tax periods should consider filing amended tax returns to take advantage of the new law.
Learn more about the key business tax provisions made permanent by the Act in our December Tax Alert.