From Lenny's Desk
The Sturbridge Taxman's Blog

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On Monday, June 29, President Obama signed two trade bills containing federal income tax provisions. The Trade Preferences Extension Act (H.R. 1295) contains the following tax provisions:

Categories Tax Tips (Fed)

Extension Act (H.R. 1295) contains the following tax provisions:

  • Taxpayers must obtain a Form 1098-T in order to claim certain educational tax benefits.
  • The penalties applying to taxpayers who fail to file correct information returns (e.g., Form 1099) with the IRS or to provide a payee with a correct copy are increased.
  • The §35 Health Care Tax Credit is extended through 2019.
  • Taxpayers who excluded gross income under §911 are precluded from claiming the refundable portion of the §24 child tax credit.

The Trade Priorities and Accountability Act (H.R. 2146) permits federal law enforcement officers, customs and border protection officers, firefighters and air traffic controllers to make penalty-free withdrawals from their governmental retirement accounts at age 50 instead of age 55.

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