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An Update from the Tax Team: The New PATH Act

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
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Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). President Obama signed the Act on December 18.The PATH Act does considerably more than the typical tax extenders legislation that has been seen in prior years. It makes permanent more than twenty
key tax provisions, including many affecting individual taxpayers. It also extends and enhances other provisions.

Taxpayers, both individuals and businesses, had criticized some of the prior extenders as too short-lived to rely on them for any sort of meaningful strategic planning.The
new law is anticipated to help both those taxpayers and the economy in general.

Permanent Extensions for Individual Taxpayers — Key Provisions

• Qualified Charitable Distributions (QCD’s) from IRAs. The PATH Act permanently extends the provision for individuals age 70 1/2 and older to be allowed to make tax-free distributions from individual retirement accounts (IRAs) to a qualified charitable organization. The treatment continues to be capped at a maximum of $100,000 per taxpayer each year.

• Qualified Conservation Contributions. The PATH Act permanently extends a special rule which allows contributions of capital gain real property for conservation purposes to be deductible up to 50% of Adjusted Gross Income.

• American Opportunity Tax Credit. The PATH Act makes permanent the American Opportunity Tax Credit (AOTC) of 100% of the first $2,000 of qualified tuition and related expenses and 25% of the next $2,000 for a total maximum credit of $2,500 per eligible student for up to 4 years of post-secondary education, with adjusted gross income (AGI) phase-out amounts of $80,000 (single) and $160,000 (married filing jointly). The AOTC had been scheduled to expire after 2017.

In addition to making this education benefit permanent, the PATH Act and related new laws include compliance rules intended to prevent fraudulent claims. Educational institutions are required to only report amounts paid for education, not the amounts billed. An individual must possess a valid Form 1098-T to claim the AOTC.

• Code Sec. 529 Plans. Under the PATH Act, the purchase of computer equipment and technology with a distribution from a Code Sec. 529 plan is permanently considered a qualified expense.The Act also removes certain distribution aggregation requirements and allows taxpayers the option to redeposit 529 funds without penalty in certain circumstances when tuition is refunded. The change for computer equipment and technology applies to tax years beginning after December 31, 2014.

• State and Local Sales Tax Deduction. The election to claim an itemized deduction for state and local general sales taxes, in lieu of deducting state and local income taxes, expired after December 31, 2014.The PATH Act makes the election permanent. In addition to this provision being particularly valuable to taxpayers in states without an income tax, some taxpayers who make a big ticket purchase, such as a motor vehicle, before year-end could benefit by weighing the deduction for state and local general sales taxes against their deduction for state and local income taxes.

The PATH Act of 2015, along with The American Taxpayer Relief Act of 2012, has finally created a more permanent set of tax laws that will allow taxpayers to more confidently prepare and implement longer term income and estate planning strategies.

Please contact us with any questions about how these tax law changes may impact your integrated wealth management planning in the years ahead.

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Published January 26, 2016 Topics: PATH Act, Tax Planning

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