Special Report Focuses on Year-End Tax Laws and Other Key Developments

Thomson Reuters has released a special report highlighting key tax developments in 2015 to aid practitioners in 2015 tax return preparation and support 2016 planning.

The report, Retrospective on Year-End Tax Legislation and Other Key Tax Developments in 2015, details major tax developments that occurred over the past year, leading with the recent changes made by the Appropriations Act and the Protecting Americans from Tax Hikes (PATH) Act of 2015. This important legislation included individual and business tax provisions, depreciation and expensing provisions, energy tax provisions, and significant reforms to the taxation of real estate investment trusts. The report also covers many of the rates, dollar caps, and other figures that changed over the course of the year.

“2015 was a particularly eventful year for tax developments—especially towards year-end,” said Catherine Murray, tax analyst with the Tax & Accounting business of Thomson Reuters. “It is crucial that tax practitioners stay up to date on these extensive changes and determine how the changes impact their business, clients, investments, and families.”

Aside from tax legislation, 2015 was also a notable year for judicial developments and IRS guidance. The Supreme Court issued landmark rulings on the Affordable Care Act (ACA) and same-sex marriage, both of which carried significant tax implications. The IRS also continued to provide important regulations and other rulings on prominent topics including the ACA, the Foreign Account Tax Compliance Act (FATCA), and corporate inversions.

With so many complex developments, tax and accounting professionals will benefit from a single, comprehensive report that recaps the major tax changes in 2015. The special report is available for download at no cost at tax.thomsonreuters.com/2015TaxRetrospective.

In addition to the special report, Thomson Reuters has also released a Checkpoint PATH Act Client Summary. Designed for tax practitioners to distribute to clients and referral sources, this short summary of recent tax developments is a valuable thought leadership tool that can also be used to develop relationships with prospects, start tax prep discussions with clients, and potentially ensure a smoother tax season.

Thomson Reuters offers many other resources to help users navigate the latest tax changes, including: