2015 Tax Season: 3 Regulatory Issues Accountants Should Monitor

2015 Tax Season

Article published in Accounting Today

Written by: Mike Trabold

3 Regulatory Issues Accountants Should Monitor in 2015

Each New Year brings with it issues and regulations – both new and revisited – that cause accountants and their small business clients to scramble in order to remain compliant with the law.  Accountants need to follow these three issues closely during the 2015 tax season:

  1. The Affordable Care Act:  Applicable large employers will need to be prepared to meet new IRS mandates to file the 1094-C and the corresponding 1095-C employee statement.
  2. Tax Extenders and Tax Reform:  50 tax breaks retroactively through December 31, 2014 with the Tax Increase Prevention Act of 2014.
  3. Taxation of Online Sales:  The Marketplace Fairness Act was re-introduced in the Senate, because of the amount of tax revenue at stake.  Accountants should keep a close watch on the legislation.

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