CCH Federal Tax Perspectives: 2016 Year-End Planning

Two years after full implementation of most major provisions within the Patient Protection and Affordable Care Act (ACA) of 2010 and almost four years after passage of the American Taxpayer Relief Act of 2012 -followed by additional changes made by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), taxpayers continue to craft and fine-tune tax strategies to reflect the many far-reaching effects of these major tax laws and other tax changes. IRS guidance over the past several years has also created new rules, with new pitfalls and opportunities to be addressed. Also at year-end 2016, the uncertainty over the passage of certain "tax extenders" provisions -as well as new concerns over what "tax reform" and a new Administration in Washington will bring—must be faced. Year-end is also traditionally the time to review tax strategies from the past and make any changes for the coming years.