Congress just signed into law the "Protecting Americans from Tax Hikes Act of 2015" (PATH Act) which is good news for many taxpayers. The Act makes many long-favored tax extenders permanent. Some of these extenders include an enhanced child tax credit, the state and local general sales tax deduction, the ability to make tax-free charitable distributions from IRAs, the enhanced Section 179 deduction and many other provisions.
The Act also modified and temporarily extended other provisions such as bonus depreciation through 2019. Certain provisions such as the deduction for qualified mortgage insurance premiums and the above-the-line deduction for qualified tuition were only extended for two years (through 2016).
If you would like additional details on any specific provisions, please contact us.