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TOP 10 TAX DEVELOPMENTS WITH IMPACT ON 2015

The start of a New Year presents a time to reflect on the past 12 months and, based on that history, predict what may happen next. Here is a list of the top 10 developments from 2014 that may prove particularly important as we move forward into the New Year:

#1 Passage of the extenders package (Pub Law 113-295, 12/19/14 saves 2015 filing season)

#2 Affordable Care Act (individual mandate, employer transition rules, pending Supreme Court challenge)

#3 International tax compliance (FATCA foreign asset reporting)

#4 Repair regulations (MACRS dispositions, accounting method change follow up)

#5 IRS operations (IRS budget cuts)

#6 Net investment income (NII) tax (lack of more detailed guidance on passive losses/activities, other aspects)

#7 Retirement planning (longevity/ target-date annuities, one rollover-per-year rule)

#8 Identity theft (IP PINs and other IRS reaction to over 5.7 million suspicious returns)

#9 Same-sex marriage (post-Windsor benefits, balancing state rules)

#10.Tax reform (groundwork laid by 2014 hearings (and HR 1), momentum builds)