Ask an Accountant

Be on the Lookout:

Tuesday, December 08, 2015
As of mid-November, there are a number of legislative bills in Congress.  Many of these bills have tax provisions included in them.  The AICPA expects the following items to be addressed:
  1. Revisions to the Affordable Care Act.
  2. Not renewing the ability of taxpayers to exclude cancellation of debt on their personal residence from ordinary income.  Currently, the maximum amount of debt cancellation (on a personal residence) exclusion is $2 million on a qualified principal residence.
  3. Hope and Lifetime Learning Credits are set to expire.
  4. Teachers (primary and secondary levels) will no longer be able to deduct $250 for classroom expenses.