Authored by Robert M. Gordon, Managing Director
On December 18, 2015, President Obama signed the “Protecting Americans From Tax Hikes Act of 2015” (the “PATH Act”), the most significant tax legislation to pass Congress this year. The PATH Act consists primarily of extensions of numerous expired tax provisions (some permanently) as well as modifications to tax administration and various miscellaneous tax matters. This True Alert summarizes the more important provisions of the PATH Act.
The following provisions that had expired at the end of 2014 have been permanently extended effective January 1, 2015:
The following provisions are extended through December 31, 2019:
The following provisions are extended through December 31, 2016:
The following filing and administrative provisions are either new or modified:
The following miscellaneous provisions are either new or modified:
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True Partners Consulting’s federal tax experts are are available to help you assess the impact that the 2015 PATH Act may have on your company. Please contact a member of our Federal Tax Team to learn more about how we can help.
I understand that the PATH Act alters the taxes due on mandatory withdrawals from IRA's, provided that a part of the withdrawal is donated to charity. Would you please explain?
Marie - thanks for your question.
Under previous law, a deduction for qualified charitable distributions from an IRA was allowed if it occurred on or before December 31, 2014. The PATH Act repealed the 12/31/14 time limitation so now the deduction is allowed regardless of when it occurs.
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