Episode 135 of the Your Tax Teacher Podcast - Navigating the Tax Jungle
The IRS will begin processing tax returns on January 19, 2016 for the 2015 tax year.
Beginning on January 19, 2016, the IRS will begin processing the 2015 tax returns. You can send your tax return to the IRS before then; but the IRS won’t process the return until January 19, 2016.
The main topic discussed was the tax cut extenders that was passed by Congress and signed by President Obama on December 18, 2015. There were 52 provisions included in the PATH Act (Protecting Americans from Tax Hikes). Some of these business and individual tax provisions were made permanent within the tax code.
These business tax provisions within the PATH Act were made permanent
A. Section 179 deductions ($500,000 and $2 Million Threshold)
B. R&D Credit C. S-Corp 5 year conversion rules when you convert from a C-Corp to S-Corp
D. Work Opportunity Credit renewed for five years
E. Extends Subpart F exception for active financing inco