Print Page   |   Contact Us   |   Sign In   |   Join BAMC
Taxation Law
Share |
Administrative Law
Alternative Dispute Resolution
Business Law
Collaborative Law
Commercial Litigation
Criminal Law
Education Law
Elder Law
Employment Law
Estate & Trust Law
Family Law
Immigration Law
Intellectual Property & Technology Law
Juvenile Law
Law Firm Management
New Practitioners
     Chamber
         Chats
Personal Injury Litigation
Real Estate Law

Solo/Small Firm

Taxation Law
Workers Compensation Law

Taxation Law Section 

    Thank you to everyone who attend the recent CLE that the Tax Section co-hosted with the Family Law Section on Bitcoin for Lawyers.  We had a great turnout and it was an extremely interesting, and evolving, topic.  
   Please stay tuned for another CLE that we are planning with the employment law section regarding the challenges, pitfalls and compliance strategies associated with using independent contractors and the importance of ensuring that workers are properly classified. As always, if any section member has any suggestions for a CLE or meeting, please feel free to contact us.  
Noteworthy
   Late last year, Congress passed and the President signed, the Protecting Americans from Tax Hikes Act ("PATH"), which extended, in many cases on a permanent basis, numerous expiring tax provisions affecting taxpayers.  Some of the more important provisions include:
Key Provisions impacting Businesses:
      • Permanently sets the Code Sec. 179 expensing limit at $500,000 with a $2 million overall investment limit before phase out (both amounts indexed for inflation beginning in 2016).
      • Making permanent the 100% exclusion on gain from the sale of qualified small business stock held for more than five years by non-corporate taxpayers.
  • Permanently reducing the built in-gains recognition period for C corporations electing to be taxed as an S corporation.
Key Provisions impacting Individuals
    • Making permanent the election to claim an itemized deduction for state and local sales taxes rather than state and local income taxes.
     • PATH permanently extends the provision for individuals age 70 1/2 and older to be allowed to make tax-free distributions from individual retirement accounts (IRAs) to a qualified charitable organization. The treatment continues to be capped at a maximum of $100,000 per taxpayer each year.
     • Extending, through 2016, the above-the-line deduction for qualified tuition and fees for post-secondary education.
     • Extending the exclusion from income arising from the cancellation of mortgage debt on a principal residence of up to $2 million ($1 million for a married taxpayer filing a separate return) through 2016. 
If you would like to receive our BAMC Taxation Law Section listserve messages, please contact Cindy at Cindy@barmont.org.

Co-Chairs

John S. Pontius, Jr.
Mark W. Schweighofer

 

Section Meetings

None Currently Scheduled

 

CLE Seminars

None Currently Scheduled