The New Tax Law Through President Obama s Term, Congress

With possibly the last changes to the tax law through President Obama’s term, Congress agrees on making many of the â€Å"Tax Extenders† permanent. These so-called â€Å"Tax Extenders† are tax provisions that Congress has passed over the past few years with short-term expiration dates, at which point the provision would lapse. Typically, after the provision lapsed, Congress would retroactively reinstate the provisions, thus extending its life through the current tax year. This has led to some tax planners relying on the hopes that Congress will reinstate these provisions, without the explicit knowledge that they would do so. Therefore, the now permanent provisions (those that have been extended without a set expiration date) are able to give tax planning professionals more certainty in their projections. The act made several changes to Section 529 Plans alongside with these â€Å"extenders†. The chart below briefly summarizes the new tax law changes from t he PATH Act of 2015 that most closely affect individuals and small businesses. It should be noted that this does not encompass all aspects of the act, as there are several changes that apply to larger corporations, IRS reform, and the prevention of fraud and abuse. *Adapted from â€Å"Congress Approves (Mostly Permanent) 2015 Tax Extenders Legislation For QCDs And More!† by Michael Kitces Permanent Provisions Qualified Charitable Distributions (QCD) – In 2006, Congress allowed qualified distributions from IRAs to be directly given toShow MoreRelatedApril M. Rodriguez. Professor Heaton. Engl 1301. 04/19/2017.1370 Words   |  6 Pages04/19/2017 The Obama Presidency Although the United States has been regarded as having dominant world power amongst other nations, the truth lies far from its holdings. During the George W. 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