This communication explores some of traditional year-end planning techniques, how events in 2015 may impact year-end planning, and more, including the Affordable Care Act, which impacts almost everyone in one way or another.
In recent years, end of year tax planning for businesses has been complicated by uncertainty over the availability of many tax incentives. The 2014 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2014 tax strategies include concerns over the fate of the expired provisions. President Obama, the chairs of the House and Senate tax writing committees, and individual lawmakers all made tax reform proposals in 2014. The proposals ranged from comprehensive tax reform to more piece-meal approaches.
A National scam tactic is growing involving suspects claiming to be Special Agents with the Internal Revenue Service (IRS) or collection officials are contacting unsuspecting victims. In many of these incidents, suspects will become irate and put a tremendous amount of pressure on citizens to pay a Past Due amounts immediately or face an Arrest Warrant through a local law enforcement agency.