The AICPA recently published a tax guide that helps to inform taxpayers of legislative changes that could affect their 2016 tax returns. The guide discusses the changes affecting higher-income taxpayers, gift tax requirements and the Affordable Care Act’s potential impact on small businesses, individuals and families. In addition, the guide provides tips to minimize taxes in the future and explains specific tax benefits such as the Child Tax Credit and the Small Business Health Care Tax Credit–these observations are based on existing tax rules. The guide also shares useful information on due dates that have changed for some tax forms (such as the Foreign Bank Account Reporting Form) and clarifies expirations for certain deductions. Click here to view the AICPA Tax Law Snapshot Guide.
For more information on how tax law changes could affect your 2016 return, please contact your BT Tax Representative by calling 770.396.2200.