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2015 Tax Legislation: Extenders Plus More
2015 was an eventful year for tax legislation for law firms, their clients and their employees. In addition to the extenders package, that has become an annual tradition in Congress, there were some other significant tax bills that passed over the summer.
Trade Legislation
In June 2015, Congress passed the Trade Preferences Extension Act (H.R. 1295). Some of the tax provisions included are:
- Increase in penalties for taxpayers who either fail to file or file late or incomplete information returns or fail to timely furnish complete payee statements (for example Form 1099).
- Expatriates working abroad who claim the foreign earned income exclusion may not also claim the refundable child tax credit.
- Retroactive reinstatement of the Health Coverage Tax Credit (HCTC) through the end of 2019. HCTC is a refundable credit that is available to individuals who pay their own health insurance premiums and also receive a Trade Readjustment Allowance, a Reemployment Trade Adjustment benefit, or are at least 55 years old and receive payments from the Pension Benefit Guaranty Corporation (PBGC).
- Taxpayers who do not possess a valid Form 1098-T will not be allowed to claim education credits or the tuition and fees deduction.
Highway Bill
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