Tax Guru – Ker$tetter Letter

Despite many predictions that it would be impossible for the current do-nothing Congress to get an extender bill up to the White House before the end if the year, they seemed to have done it, with less than two weeks to spare. 

Considering that many of the provisions are retroactive to the beginning of 2015, it doesn’t give calendar year taxpayers much time to take advantage of the newly restored tax breaks.  With the maximum Section 179 allowance increasing from $25,000 to $500,000, there will most likely be a lot of year-end purchases of business vehicles and equipment.  Remember that the newly acquired assets have to be placed into service before January 1, 2016 in order to be deducted on the 2015 tax return.  Just paying for them by December 31 isn’t good enough.

As I come across them, I will be posting links to as much useful coverage of this newly passed legislation as I can find.

From Tax Foundation: The Twelve Most Important Provisions in the Latest Tax Bill

SECTION BY SECTION SUMMARY OF THE PROPOSED “PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015" – 20 page PDF

From AICPA: Congress Passes Extender and Other Tax Legislation

From Spidell:  2015-2016 extenders and new tax laws

From CCH: House Passes Extenders Package

From Congress: Protecting Americans from Tax Hikes Act of 2015

From Western CPE: 2015 Extender Bill Passed By Congress