Congress Moves to Make Tax Extender Provisions Permanent - What Does It Mean For You?
Just before midnight on December 15th, 2015, Congress posted the “Protecting Americans from Tax Hikes Act of 2015” legislation, which would not only extend the provisions that expired at the end of 2014, but would in fact make 22 tax breaks permanent. In addition, this bill would also make important changes in some of these provisions. This new legislation also contains important new tax return preparer due diligence requirements for those who prepare tax returns claiming the child tax credit or the American Opportunity Tax Credit.
The extender provisions were included in a $1.1 trillion, 2,009 page omnibus package that was the subject of weeks of negotiations aimed at keeping the government funded until September 2016.
The legislation passed both houses of Congress and was signed into law by President Obama on Friday, December 18th.
Surgent tax experts Mike Tucker and Bob Lickwar will be presenting an all-new series of live webinars, “Protecting Americans from Tax Hikes Act of 2015—What YOU Need to Know” starting on Tuesday, December 22. The 2-hour course will cover the new legislation and all of its major impacts on tax practitioners. Live Webinar: Critical Tax Season Update: Protecting Americans from Tax Hikes Act of 2015 (PROA)