Tax Law and News Mashup of Updates for Tax Year 2016 Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mike D'Avolio, CPA, JD Modified Oct 16, 2017 2 min read Whether you missed any of the Intuit® ProConnect™ Tax Pro Center updates for tax year 2016 or simply need a refresher, we’ve posted several articles with a complete rundown of all pertinent tax law changes you need to know. The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed by President Obama on Dec. 18, 2015. This tax law change extended a number of expired tax breaks. Almost half of the provisions were extended permanently, and the remaining provisions were extended for at least one year. Typically, tax extenders are voted on by Congress every year or two. About 11 million tax filers claimed one or more of these tax extender benefits when filing a tax return in the past. In Tax Law Changes for Tax Year 2016, Part 1, the following areas are covered: Permanent Extensions: Tax Relief for Families and Individuals Incentives for Charitable Giving Incentives for Growth, Jobs, Investment and Innovation Extensions through 2019 Extensions through 2016: Tax Relief for Families and Individuals Incentives for Growth, Jobs, Investment and Innovation Incentives for Energy Production and Conservation Residential Energy Efficient Property Credit (REEP) In Tax Law Changes for Tax Year 2016, Part 2, we cover: Delayed Refunds for Taxpayers Claiming the Earned Income Tax Credit or Additional Child Tax Credit Section 179 Modifications Beginning in Tax Years After 2015 Other Modifications for Tax Years After Dec. 13, 2015: American Opportunity Credit and Tuition and Fees Deduction (Beginning in Tax Year 2016) Due Diligence Requirements for Child Tax Credit and American Opportunity Tax Credit Increase in Preparer Willful or Reckless Conduct Penalty Changes Outside of PATH Act: Adjusted Filing Deadlines for Tax Year 2016 Revised Due Date for FinCEN Report New Exclusion for Payments From Work-Learning-Service Programs ACA and Employers: How Workforce Size Affects Responsibilities It is the third year for reporting for the Affordable Care Act (ACA), and many new business owners may be wondering if there are any actions they need to take to ensure their business and employees are in compliance. In this article, we tell you what you need to know to help your clients sort out the details and, of course, help you implement the ACA provisions in your own firm. For more information about the tax implications of the ACA and helpful guides, please visit the Intuit® Affordable Care Act Resource Center, part of the Intuit ProConnect™ Tax Pro Center, and come back often to the Tax Pro Center for continuous tax law updates. Previous Post 7 Ways to Help Your Clients Survive a Sales Tax… Next Post Tax Professionals Warned of New Scam to “Unlock” Their Tax… Written by Mike D'Avolio, CPA, JD Mike D’Avolio, CPA, JD, is a tax law specialist for Intuit® ProConnect™ Group, where he has worked since 1987. He monitors legislative and regulatory activity, serves as a government liaison, circulates information to employees and customers, analyzes and tests software, trains employees and customers, and serves as a public relations representative. More from Mike D'Avolio, CPA, JD Comments are closed. Browse Related Articles Tax Law and News Tax Law Changes for TY 2016 – Part 1 Tax Law and News Year-End Extender Legislation Still in Holding Pattern Tax Law and News Tax Extender Update Tax Law and News Congress Passes Surface Transportation and Veterans Hea… Tax Law and News IRS Announces Tax Benefits, Pension Plans and Other Cha… Tax Law and News Due Diligence Requirements Will Apply to the Child Tax … Tax Law and News Government Shutdown Averted and Tax Provisions Providin… Tax Law and News Tax Law Changes for TY 2016 – Part 2 Tax Law and News ACA 2015 Guide: Everything you Need to Know When Prepar… Tax Law and News Plan Ahead for New Business Return Due Dates