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Late law brings tax relief

PATH Act extends tax-saving provisions for retailers, including the Section 179 expensing deduction; here’s a
guide to 7 highlights
By Mark E. Battersby
Published: February 14, 2016
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Once again, U.S. lawmakers waited until late in the year to pass another “extenders” bill. The new Protecting Americans from Tax Hikes (PATH) Act of 2015 retroactively extends the 50 or so temporary tax provisions that are routinely extended on a one- or two-year basis.
The so-called Cadillac tax on the high-cost health insurance plans so many retailers provide themselves and key employees with will be delayed from 2018 to 2020. And beginning with forms W-2 and W-3—returns for reporting non-employee compensation (for example, Form 1099-MISC) filed for the 2016 tax year and later—PATH will require them to be filed on or before Jan. 31 of each year. No longer will they be eligible for the extended filing date for electronically filed returns.
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