Wolters Kluwer Tax & Accounting is making it easy for reporters covering tax-related topics to find all the latest information at their fingertips.

The 2016 Whole Ball of Tax (WBOT) is your complete business media resource to help inform your readers, listeners or viewers about key developments affecting taxpayers.

Helpful checklists, press releases, updated charts, and in-depth details featuring analysis from our tax experts are featured in a user-friendly, easy-to-navigate format online at this web link or by copying and pasting this URL into your browser: https://www.cchgroup.com/wbot2016.

The 2016 edition of WBOT features timely tax topics such as commonly missed tax deductions, ways to reduce taxable income, information about marriage filing status and same-sex marriage tax laws, dos and don’ts for tax deductions on charitable contributions.

Importantly, WBOT provides updated information about several tax breaks that used to be temporary, but were made permanent by the new Protecting Americans from Tax Hikes (PATH) Act of 2015. They include:

For Individuals

  • The enhanced Child Tax Credit – Up to $1,000 for dependents under age 17 with a $3,000 earned income threshold amount
  • Transit Benefits Parity – Including transit passes, qualified parking and van pool benefits
  • Charitable distributions from Individual Retirement Accounts (IRAs) – Covering retirees age 70.5 or older making tax-free contributions of up to $100,000 from their IRAs to qualified charitable organizations.
  • The American Opportunity Tax Credit (AOTC) – Covering education expenses
  • The Teachers’ Classroom Expense Deduction for elementary and secondary school teachers
  • The enhanced Earned Income Credit (EIC) – Permanent 45-percent credit for those with three or more qualifying children and reduced marriage penalty
  • The option of claiming itemized deductions for state and local sales taxes instead of deducting state and local income taxes

For Businesses

  • Greater Code Sec. 179 expensing limits for smaller businesses – Permanent $500,000 expensing limit with inflation adjustments and a $2 million overall investing limit before phase-out
  • The Research Tax Credit – Covering specific increases in business-related qualified research expenses and payments to universities and qualified organizations for basic research

Tax Expert Interviews, Reporter Resources

Wolters Kluwer federal and state tax experts are available for media interviews and analysis throughout tax season and all year-long. Special Tax Briefings are also available online, offering timely and thorough insights on recent tax legislation impacting the new tax season.