Year End Year End Tax Legislation: Tax Legislation: How Will This How Will This
Affect You?Affect You?
January 2015 Webinar
01/22/
15
THE EFFECTS OF 2014 TAX LEGISLATION
Presented by:Daniel Matarrese, CPA, Senior Tax Manager
David Riley, CPA, Tax ManagerRyan Rutt, CPA, Tax Manager
DECEMBER LEGISLATION
• Passed into law December 19th
• Extends many popular provisions into 2014
• Most expired December 31, 2014
• Uncertainty for 2015
HIGHLIGHTS
• 50% Bonus Depreciation on eligible assets• Section 179 Expansion • $500,000 maximum deduction• Phases out beginning at $2 million of expenditures
• Qualified Leasehold/Retail Improvements• Research (R&D) Credit• WOTC Credits
2014 IMPACTS OF AFFORDABLE CARE ACT
• Medicare Surcharge
• Personal Penalty Begins• Check box on line 61 if fully insured
• Small Business Health Care Tax Credit
FINAL THOUGHTS
• Home Mortgage Forgiveness of Debt Exclusion
• 2015 and Beyond – Tax Reform?
01/22/15
01/22/
15