They include:
- Many expiring deductions and credits were restored in legislation signed into law on December 17, 2014. For business, bonus depreciation and the higher Sec. 179 expense deduction is back. A new provision for individuals will allow Sec. 529 plans to be used to benefit disabled dependents.
- The Affordable Care Act is causing concern as individuals and employers scramble to avoid penalties. Small businesses are being surprised by provisions that could penalize them for continuing coverage in existing plans that are not meeting minimal coverage standards and group requirements. Also, major concerns linger regarding plans benefiting shareholders in "S" corporations. Unfortunately, necessary guidance has still not been released at the date of this posting.
