The Protecting Americans from Tax Hikes (PATH) Act (P.L. 114-113), which was signed into law on Dec. 18, 2015, contains more than 100 tax provisions. The law makes permanent more than 20 provisions that had expired at the end of 2014. It also extends other provisions through 2019, or for two years (2015 and 2016). According to the Joint Committee on Taxation, the extenders are projected to cost the government $628 billion over 10 years. The extenders and other provisions in the PATH Act impact individuals and businesses. Here is a roundup of the key provisions for businesses and how they affect 2015 returns as well as tax planning for 2016.
A number of business deductions have been made permanent or extended, as indicated below:
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