SOME IMPORTANT TAX PROVISIONS OF NEW HIGHWAY ACT

~Basis overstatement will hereafter be deemed the equivalent of omission of income for purposes of the 6 year statute of limitations. Thus, the Supreme Court decision to the contrary in Home Concrete & Supply LLC has now been superseded.

~Changes in filing deadlines for certain entities (effective for tax years beginning after December 31, 2015):

# (Calendar year) partnership filing date changed to March 15
# (Calendar year) “C” corporation filing date changed to April 15