News

                                                                                                          (updated 11/17/2017)

House & Senate Tax Bills for 2017

The House has passed their new tax bill & the Senate committee has approved it's version.  The Senate is expected to vote on their version the week after Thanksgiving.   If both proposals pass their respective chambers, they will then need to be reconciled before being passed & sent to the president for signing into law.

Some of the more generally applicable changes to Individual tax returns are listed here.

Some of the more generally applicable changes to Business tax returns are listed here.



Due Date Changes for C Corporations & Partnerships

H.R. 3236 was signed into law on 7/31/2015, modifying the due dates for the annual tax returns for Partnerships & C Corporations in order to make the information flow among the various returns more logical.

For tax years beginning after 12/31/2015, Partnerships will be due on the 15th day of the 3rd month (or March 15 for calendar years).  Likewise, C Corporations will be due on the 15th day of the 4th month (or April 15 for calendar years).  Both will have maximum 6-month extensions available.

Exceptions to C Corps:
  • Calendar year C Corps will only have 5 month extensions available until tax years beginning after 12/31/2025. (Revised 2/8/2017 by the IRS: Calendar Year C Corps allowed 6 month extension)
  • C Corps with 6/30 year-ends will have 7 month extensions available until tax years beginning after 12/31/2025.
  • These new due dates do not apply to C-Corps with 6/30 year-ends until tax years beginning after 12/31/2025.

 


Tax Extenders Bill Passed by Congress:

On 12/15/15, Congress made certain credits permanent and extended others for 2 or 5 years.  The following were made permanent:
  • Enhanced child tax credit 
  • Enhanced American opportunity tax credit
  • Enhanced earned income tax credit
  • Deduction for certain expenses of elementary & secondary school teachers
  • Deduction of State and local general sales taxes
  • Increased expensing limitations and treatment of certain real property as section 179 property
The following were extended through 2019:
  • Work opportunity tax credit
  • Bonus depreciation (phaseout: 50% in 2017; 40% in 2018; 30% in 2019)
The following were extended through 2016 (unless Congress acts to extend these further, these will not be available for 2017 or future tax years):
  • Exclusion from gross income of discharge of qualified principal residence indebtedness
  • Mortgage insurance premiums treated as qualified residence interest
  • Above-the-line deduction for qualified tuition and related expenses

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