The Protect Americans from Tax Increases Act of 2015 extended approximately 50 tax breaks for individuals and businesses.
He also put in place procedures to prevent attempts to deceive the government by falsely claiming tax breaks.
The Child Tax Credit and the Earned Income Tax Credit, which were created as temporary tax credits for families, became permanent under the Path Law.
The law also retroactively extended the Employment Opportunity Tax Credit, a credit for employers who hire individuals from groups that have consistently faced barriers to employment.
The child tax credit did not appear in the Inflation Reduction Act, which was signed into law by President Joe Biden in August 2022.
The Foreign Account Taxation Act (FATCA) requires US citizens to file annual returns on any foreign accounts and pay any taxes due on them in order to curb tax evasion.
Generation Skip Transfer Tax (GSTT) is a federal tax that arises when property is transferred by gift or inheritance to a beneficiary (other than spouse) who is at least 37.5 years younger than the donor.
Section 1250 of the Internal Revenue Code states that the IRS will tax income from the sale of depreciated real estate as ordinary income if accumulated depreciation exceeds straight-line depreciation.