Taxation Law Section
On December 15, 2016 the Tax and Immigration Law Sections will host a joint holiday party at the Bar Association Building from 5:00pm to 7:00pm located at 27 West Jefferson Street, Rockville, MD 2080. For the first 30 minutes the Tax Section will provide an overview of the international tax requirements for taxpayers with foreign financial accounts. Then the Immigration Section will present a summary of the types of visas for 30 minutes.
Late last year, Congress passed and the President signed, the Protecting Americans from Tax Hikes Act ("PATH"), which extended, in many cases on a permanent basis, numerous expiring tax provisions affecting taxpayers. Some of the more important provisions include:
Key Provisions impacting Businesses:
• Permanently sets the Code Sec. 179 expensing limit at $500,000 with a $2 million overall investment limit before phase out (both amounts indexed for inflation beginning in 2016).
• Making permanent the 100% exclusion on gain from the sale of qualified small business stock held for more than five years by non-corporate taxpayers.
• Permanently reducing the built in-gains recognition period for C corporations electing to be taxed as an S corporation.
Key Provisions impacting Individuals
• Making permanent the election to claim an itemized deduction for state and local sales taxes rather than state and local income taxes.
• PATH permanently extends the provision for individuals age 70 1/2 and older to be allowed to make tax-free distributions from individual retirement accounts (IRAs) to a qualified charitable organization. The treatment continues to be capped at a maximum of $100,000 per taxpayer each year.
• Extending, through 2016, the above-the-line deduction for qualified tuition and fees for post-secondary education.
• Extending the exclusion from income arising from the cancellation of mortgage debt on a principal residence of up to $2 million ($1 million for a married taxpayer filing a separate return) through 2016.
If you would like to receive our BAMC Taxation Law Section listserve messages, please contact Cindy at Cindy@barmont.org.
John S. Pontius, Jr.
Mark W. Schweighofer
December 15, 2016*
*Joint Holiday Party with Immigration Law Section and Criminal Law Section; 5PM; CLE Classroom
None Currently Scheduled