On March 4, 2014, President Obama released a $3.9 trillion proposed fiscal year (FY) 2015 federal budget, with a mix of expanded child, family and education tax credits as well as some curbed tax preferences for higher income individuals and businesses. Funding for the proposed tax breaks would come from, among other proposals, taxing carried interest as ordinary income, extending payroll taxes to cover certain distributions from professional service companies, and restricting the availability of like-kind exchange treatment for real estate transactions. In conjunction with the budget, the Treasury Department also released its Green Book, providing explanations of the proposed budget. CCH’s Tax Briefing: Fiscal Year 2015 Budget Proposals provides you with a summary of the budget proposal. Access the special report here.
Should you have any questions about how this may impact your specific situation, please contact your Keiter Engagement team.
Source: Wolters Kluwer/CCH Tax Briefing March 7, 2014 – Used with permission from Wolters Kluwer/CCH ©2014 CCH Incorporated. All Rights Reserved. Image: Sun Sentinel