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The Affordable Care Act—enacted nearly five years ago—phased in many new requirements affecting individuals and employers. One of the most far-reaching requirements, the individual mandate, took effect this year and will be reported on 2014 income tax returns filed in 2015. The IRS is bracing for an avalanche of questions about taxpayer reporting on 2014 returns and, if liable, any shared responsibility payment. For many taxpayers, the best approach is to be familiar with the basics before beginning to prepare and file their returns.


Lawmakers are scheduled to return to work after the November elections for the so-called "lame-duck" Congress. Despite what is expected to be a short session, there is likely to be movement on important tax bills.


The IRS has provided guidance and clarifications for U.S. taxpayers who have failed to disclose offshore assets and pay taxes due. The new instructions apply to taxpayers who apply for relief under the streamlined filing compliance procedures and are effective for applications submitted on or after July 1, 2014. The streamlined program is available to all U.S. taxpayers, including resident aliens living in the United States and U.S. citizens living abroad.


Businesses generally want to write off costs more quickly, to reduce their taxable income and their tax burden. One mechanism for accomplishing this is to deduct the costs of depreciable property rather than capitalizing them. Under Code Sec. 179, taxpayers can expense a prescribed amount of their costs for tangible depreciable property, even if the ordinary accounting treatment would be to capitalize the costs.


Higher-income individuals whose adjusted gross income (AGI) exceeds specified thresholds must reduce their itemized deductions that are otherwise allowed on their return. This reduction in itemized deductions did not apply to tax years 2010-2012, but has been reinstated, beginning in 2013. The provision does not apply to estates and trusts.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2014.