Temporary Transportation Funding Extension Enacted with Tax Provisions

On July 31, 2015, the President signed The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41). The legislation provides a three month funding extension for the Highway Trust Fund. Revenue provisions included in the legislation are a modification of mortgage information reporting requirements; consistency between estate tax value and income tax basis of assets acquired from a decedent; clarification of the six-year statute of limitations in case of overstatement of basis; a change in the filing due dates of certain tax and information returns; equalizing excise taxes on liquefied natural gas, liquefied petroleum gas, and compresses natural gas; and allowing employers to transfer excess defined-benefit-plan assets to retiree medical accounts and group-term life insurance. The legislation also provides an employer mandate exemption under the Affordable Care Act for health coverage under Tricare or the Veterans Administration and clarifies that eligibility for a Health Savings Account is not affected by the receipt of medical care for a service-connected disability.


Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting