TaxAlmanac:Featured article/September 13, 2005
From TaxAlmanac, A Free Online Resource for Tax Professionals
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From TaxAlmanac
2005 Tax Law Changes
The following is a summary of the tax law changes impacting the 2005 tax year that we are aware of. Please feel free to add any other provisions we may have missed.
| Category | Subject | High-Level Summary |
|---|---|---|
| General | Inflation Adjustments and Statutory Changes | Changes to the exemptions, standard deduction, etc.. Read more... |
| Individual | Charitable Contributions of Cars, Boats, and Aircraft | Changes to the deduction limits, required acknowledgement, etc. Read more... |
| Individual | Uniform Definition of a Qualifying Child | Changes to dependents, head of household, earned income credit, child tax credit and dependent care credit. Read more... |
| Business | Deduction for Domestic Production Activities | Addition of a new tax deduction. Read more... |
| Business | Electing S Corporation Status | Change to the maximum number of shareholders. Read more... |
| Retirement Plans | Qualified Plans | Changes to Limits on Contributions, Benefits and Compensation. Read more... |
| Exempt Organizations | Acknowledgement Required for Car Donations | Qualified organizations that receive car donations after December 31, 2004, must give the donor a written acknowledgement of the donation. Read more... |
| Foreign Issues | Repeal of Extraterritorial Income Exclusion | After a 2 year transition period, this exclusion will be fully repealed. Read more... |
| Foreign Issues | Alternative Minimum Tax Foreign Tax Credit (AMTFTC) 90% Limit Repealed | The amount of AMTFTC you can use to offset your alternative minimum tax is increased to 100%. Read more... |
