Daily Tax Update - February 25, 2014: Rep. Camp to Unveil Tax Reform Proposal Tomorrow

REP. CAMP TO UNVEIL TAX REFORM PROPOSAL TOMORROW:  House Ways and Means Committee Chairman Rep. Dave Camp will release his comprehensive tax reform plan tomorrow. In Camp’s media advisory about the release of his plan he said,  “Today’s tax code is too costly, too complex and too-time consuming.  America needs a tax code that will spur economic growth, create jobs and put money back in the pockets of hardworking taxpayers.”

IRS OFFERS TIPS TO HELP UNDERSTAND TAX PROVISIONS IN THE AFFORDABLE ACT:  Today, the IRS offered “educational Health Care Tax Tips to help individuals understand how the Affordable Care Act may affect their taxes.”  The IRS said that although “many of the tax provisions included in the law went into effect on Jan. 1, 2014, most do not affect the 2013 tax returns.”

The topics include:

  • IRS Reminds Individuals of Health Care Choices for 2014 ─ Find out what you need to know about how health care choices you make for 2014 may affect your taxes.
  • The Health Insurance Marketplace - Learn about Your Health Insurance Coverage Options – Find out about getting health care coverage through the Health Insurance Marketplace.
  • The Premium Tax Credit ─ Learn the basics of the Premium Tax Credit, including who might be eligible and how to get the credit. 
  • The Individual Shared Responsibility Payment – An Overview ─ Provides information about types of qualifying coverage, exemptions from having coverage, and making a payment if you do not have qualifying coverage or an exemption. 
  • Three Timely Tips about Taxes and the Health Care Law ─  Provides tips that help with filing the 2013 tax return, including information about employment status, tax favored health plans and itemized deductions.
  • Four Tax Facts about the Health Care Law for Individuals ─ Offers basic tips to help people determine if the Affordable Care Act affects them and their families, and where to find more information.
  • Changes in Circumstances can Affect your Premium Tax Credit ─ Learn the importance of reporting any changes in circumstances that involve family size or income when advance payments of the Premium Tax Credit are involved.

 Additional information can be accessed via: Health Care Tax Tips

MISCELLANEOUS GUIDANCE RELEASED:
Revenue Procedure 2014-21 provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2014 and the amount to be included in income by lessees of passenger automobiles first leased during calendar year 2014.  These depreciation deduction limitations and income inclusion amounts are updated annually pursuant to section 280F to reflect the automobile price inflation adjustments.