Taxpayers received some much-needed relief in 2015. Several tax provisions became permanent fixtures and others were extended for two to four years. Two excise taxes imposed through the Affordable Care Act are delayed. Changes were also made to the tangible property regulations to increase the de minimis safe harbor for capitalizing personal property for businesses without applicable financial statements.
Our 2016 Business Tax Planning Supplement recaps these and other major developments from the past year and provides rates, tables and other information to assist in future planning. Highlights include:
- Summary of changes to the tax extenders
- Revised rules for partnership IRS audits
- Changes to the tangible property regulations
- Overview of ACA reporting requirements