Top Tax Issues for 2016: Day 8
11 things you and your clients will want to start thinking about for next tax season by accountingtoday.com
Day #8 Trade Legislation Tax Changes
The Trade Preferences Extension Act of 2015 contains a number of tax provisions in addition to its trade measures. Taxpayers who exclude foreign earned income under Code Section 911 cannot claim the child tax credit; taxpayers must receive a payee statement (1098-T) before they can claim an American Opportunity, Hope, or Lifetime Learning Credit or take the deduction for qualified tuition and related expenses. This is effective for tax years beginning after the TPEA’s date of enactment.
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