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Year-End 2015: New Pitfalls and Opportunities to Strategize


12/14/15

Year-end marks the time to review tax strategies from the past and implement any changes for the coming years. At year-end 2015, businesses and individuals continue to assess tax strategies to reflect the far-reaching effects of major tax laws introduced over the past five years – including the Patient Protection and Affordable Care Act (PPACA) and the American Taxpayer Relief Act of 2012 (ATRA). Uncertainty also remains over the passage of “tax extenders” provisions.
 
The 2015 Year-End Tax Planning report addresses these key areas and more, including:

  • The full impact of the 3.8% net investment income (NII) tax on higher-income taxpayers
  • The Additional Medicare Tax, which increases the employee share of Medicare tax by an additional 0.9% of covered wages and other compensation in excess of certain threshold amounts
  • Increased maximum tax rate on qualified capital gains and dividends from 15% to 20% for taxpayers whose income exceed the thresholds set for the 39.6% rate
  • Increased alternative minimum tax (AMT) exemption amounts, having been indexed for inflation
  • Traditional year-end planning techniques focused on income acceleration and deductions/credit acceleration
  • Life cycle changes that are key in determining year-end strategies

     

Contact

If you would like to discuss the topics addressed in this tax briefing, please contact Kenneth Kanter, Managing Partner – Tax, at kenneth.kanter@cohnreznick.com or 973-364-6668.


Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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