A booklet, prepared by tax professionals with KPMG’s Washington National Tax, summarizes and includes observations about the new tax law, signed by President Obama on December 18, 2015.
The new law contains significant policy changes. It also makes permanent some tax incentives that previously had expiration dates (including IRA charitable rollovers and the exception to unrelated business taxable income under section 512(b)(13)(E) for certain payments made to controlled organizations) and extends other temporary incentives for varying time periods. The new law temporarily suspends the medical device excise tax and postpones the implementation of the so-called “Cadillac tax” on certain health plans. It also includes significant tax law changes, including those relating to tax-exempt organizations:
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