President Obama on December 18 signed legislation a combined tax-extender package, the Protecting Americans from Tax Hikes (PATH) Act of 2015, totaling over $600 billion, along with a $1.1-trillion omnibus spending bill. Both bills were merged in the Senate and the bill is referred to as the Omnibus Appropriations Act (HR 2029). The bill was sent to the president after the Senate passed the PATH Act on December 18 by a margin of 65 to 33. Earlier in the day, the House passed the omnibus spending legislation separately by a vote of 316 to 113. The House approved the PATH Act on December 17.
The tax-extenders measure extends over 50 provisions, making some of them permanent. Those provisions include the research and development credit, enhanced Code Sec. 179 expensing and the Child Tax Credit. Some provisions, including bonus depreciation, were extended for five years, and over 25 other provisions through 2016. The $622-billion PATH Act also includes over 60 other provisions on miscellaneous topics, including real estate investment trusts and tax administration. Overall, the PATH Act calls for making permanent over 20 tax-extender benefits, split 50-50 between business and individuals.
The Omnibus Appropriations Act provides $11.235 billion for funding of IRS operations, $290 million (3 percent) more than the fiscal year 2015 level. The agreement directs that the funds provided above the fiscal year 2015 level be devoted to making measurable improvements in the customer service representative level of service rate, improving the identification and prevention of refund fraud and identity theft, and enhancing cyber security to safeguard taxpayer data.
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“By passing this important tax package that provides permanent relief for American families and job creators, we cap a year of historic policy victories under the Republican-led Senate and lay the groundwork for comprehensive tax reform moving forward. Congress is back to work for the American people,” Senate Finance Committee Chairman Orrin G. Hatch, R-Utah, said in a statement.
Please contact us with any questions you may have on this or any other tax items.
636.498.1900 ext. 118
If you ask Mark Horst, CPA, about his job at Rackers and Fernandez, his first response isn’t about the many years of experience he brings to the table, tax consulting, review, compliance, quality control, financial reporting, or even making sense of highly complicated tax situations. While all of those things are incredibly important and true of Mark’s skill, his first response will always revolve around helping people – supporting them to understand difficult tax and financial concepts, saving them money through effective tax planning, and seeing the happiness that results from this service. His expertise lies in serving small businesses, individuals, and providing consulting services. Prior to joining Rackers and Fernandez, Mark served as a partner and senior accountant at other St. Louis area CPA firms. He earned a BS in accounting from Lindenwood University and is a member of the American Institute of Certified Public Accountants, the Missouri Society of Certified Public Accountants, and a former member of BNI. He has also served as treasurer for Friends of the Wentzville Parks. In his spare time, Mark lives an active life in which he enjoys running, riding bikes, playing sports with his kids, golf, tennis, camping, Cardinal Baseball, home improvement projects, and rocking out to U2, Maroon 5, and Classic Rock.
636.498.1900 ext. 103
As a practicing CPA and partner in Rackers & Fernandez, LLC since 1996, Sergio’s experience extends to all areas of tax planning, research, strategic planning, and compliance for closely held corporations, partnerships, and individuals. He works closely with business owners in connection with their personal and business planning, and holds specialized knowledge of the real estate, automobile dealership, and construction industries. Sergio is also well versed in tax compliance and implementation of accounting software systems and performance measurement services.
Sergio is a member of multiple professional associations, including the American Institute of Certified Public Accountants and the Missouri Society of Certified Public Accountants. He is a firm representative in Driving Force, Rackers & Fernandez’s national association of professional CPA firms, and is a board member for several businesses in the St. Louis and St. Charles county area. He earned a bachelor’s degree in accountancy from Maryville University in St. Louis and is involved in several community organizations, including the following:
- Board member, John E. Simon School of Business Advisory Board for Maryville University
- Board member, Sharing Shed, a nonprofit organization
- Board member, Finance Committee Representative for Lake Forest Country Club
- Member, Marathon Team OE for Opportunity Enterprises, a nonprofit organization whose mission is to promote self-sufficiency and life choices for challenged individuals
- He is also a former Silver Spoke & Bronze Spoke fundraiser for the National Multiple Sclerosis Society
Sergio has also received a number of honors and accolades throughout his career. Most recently, he received a 2016 Beyond the Best in Business Award from Streetscape Magazine which honors local leaders for their impact and positive change in the community. Sergio was also named to St. Charles Business Magazine’s 40 Under 40, Class of 2008-2009.
Sergio enjoys spending time with his wife, four daughters and son. He is actively involved in his Church and enjoys playing golf and participating in triathlons—including completing two Ironman distance events.
Joining the firm in 2010, Larry serves as a Director of Tax, responsible for tax compliance, client and engagement management, staying up-to-date on tax developments, and planning opportunities. Larry brings more than 28 years of public accounting experience to Rackers & Fernandez with expertise in medical, attorney, and real estate niche markets; high net worth taxpayers; and multi-state tax issues. Larry earned a BS in accounting from Sacred Heart University and was a National Honor Society member. He is a former board member with Cancer Care of Connecticut and Monroe Soccer Club. In his off time, he enjoys baseball, golf, travel, movies, and obedience training and showing of dogs.