Permanent Extensions

  • AOTC
  • Educator expense deduction of $250 + inflation adjusted + now includes supplies costs and educational development
  • Sales Tax deduction in AK, FL, NV, SD, TX, WA, WY
  • Research Credit including Eligible Small Business ag ACT min and Employer Payroll Tax Liability
  • Tax-free Distributions >70 ½ to qualified charity from IRA’s

Temperary Extensions

  • Bonus depreciation 2015-2019 in service but 50% 2015-2017 then 40% 2018 then 30% in 2019
  • Markets credit thru 2019
  • Renewal Energy credit, non-business for 2016
  • Discharge of debt for principal residence if agreement was made prior to 2016
  • Mortgage insurance premiums for 2016
  • Tuition and fees for 2016
  • Alternative energy​
  • Qualified film, TV exps for 1st $15M 

​2017 ​IRS Updated Rules

  • 2016 Refunds for EIC and AOTC will be released on February 15, 2017 for validation of SSN’s and ITIN’s from W-2’s

         filed by Employers by

  • January 31, 2017 (moved up from March 31st)
  • EIC’s cannot be retroactively filed if client did not have a valid SSN or ITIN for that tax year
  • Due diligence requirements for Tax Preparers have been expanded, including fines of $505 per form if found

          fraudulent or willful disregard

  • PATH ACT = Protecting Americans from Tax Hikes