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Although tax planning is a 12-month activity, year-end is traditionally the time to review tax strategies from the past and to revise them for the future. As 2015 nears, the tax planning landscape is significantly different from five or 10 years ago; or even from one year ago in certain key aspect aspects:
Uncertainty over tax rates has generally abated but at the same time, individuals and businesses must be ready for a rash of new requirements and responsibilities under the Patient Protection and Affordable Care Act (PPACA), by recognizing and planning for many of its provisions, including the far-reaching net investment income (NII) tax.
Many business incentives, at the time this Briefing was prepared, have expired and unless extended, will not be available to taxpayers on their 2014 returns.
On top of all that, key new developments, including compliance with the sweeping “repair” regulations as well as evolving rules and regulations in other areas such as retirement planning, must be looked at year-end 2014.
The overall uncertainty creates new planning challenges but at the same time, planning opportunities. CCH Federal Tax Perspectives: 2014 Year-End Planning provides an overview of the latest developments as well as authoritative Comments and Planning Notes from Wolters Kluwer's industry-leading editorial experts.