Top Tax Stories For The New Year

Feb 20, 2015 By Evan Nielsen In Taxation No Comment Tags : , ,

The elections at the end of 2014 gave control of Congress back to the Republican party. There are also Republican governors in over half of the states in the union. Often times when a new party gains control, significant changes are right around the corner. Important issues such as the economy, gas prices, immigration, and national security always take a front seat. Not far behind though, and closely related to the economy, is the issue of taxes. In 2014 there were several chances for change to a variety of tax laws, but many of the rules remained untouched. In 2015 that story may not be the same.

A Forbes report on what to expect for 2014 identifies the following as the top tax stories to watch:

 

  • The ongoing saga with the IRS: Most of the country still has the agency in hot water for the lost email scandal of 2014, so expect more government oversight of the activities that go on within the four walls of IRS buildings across the country. One notable thing to watch for here is the agency’s role regarding the controversial Affordable Care Act. The IRS is now responsible for making sure taxes for insurance are properly remitted. This is no small task, and it is likely we will see news stories on this issue as the year progresses.
  • Internet taxes: This story just doesn’t seem to die. Congress failed to act on a permanent solution in 2014, but with a changing of the guard you should expect to see a push for finality to this controversial tax issue.
  • State taxes: With a change in party in most states, and with most of those newly elected governors having included lowering taxes in their campaign, expect to see changes to your local state tax laws.

 

These are a few of the changes to look for in 2015 with regard to taxes. But perhaps the most important tax issue for individuals never really changes, how to minimize what you owe and avoid an audit. The busy tax season is upon us and it is crucial to know what you can deduct, and to make certain your return does not raise any red flags. For answers to your most important tax questions, contact our office. We have experience helping people reach payment agreements, eliminating back taxes, and surviving an audit.

 

Let the professionals at Nielsen Law Group help you negotiate with the IRS on all your tax needs. Call (480) 888-7111 or submit a web request here.