On Friday December 18, 2015, President Obama signed the “Protecting Americans from Tax Hikes Act of 2015” – known as the PATH act. This law introduced a tax extender package, as well as a federal spending initiative making permanent many popular tax breaks. While this new law is not without controversy, this act of legislation includes many business-friendly tax provisions benefits, relief from certain excise taxes under the Affordable Care, individual and family tax provision benefits, charitable contribution provisions regarding extensions, and IRS reforms to protect taxpayer rights, among others.
To see an executive summary on the newly signed tax reform, read Bloomberg BNA’s Executive Summary of House-Senate Compromise on Tax and Spending Bills.
If you would like more information on how this new legislation affects business owners and high-income tax payers, please contact one of our tax professionals at (410) 727-5735.