Year End Year End Tax Legislation: Tax Legislation: How Will This How Will This

Affect You?Affect You?

January 2015 Webinar

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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?

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