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On October 1, the landscape of fraud liability for credit card transactions changed significantly. Simply, businesses are now liable for fraudulent charges if or when a customer uses the EMV (Europay, MasterCard & Visa) chip-based card AND fraud still occurs AND that business did not upgrade their payment system. 

The Highway Act changed the filing due dates of business income tax returns beginning for tax years after 12/31/15. Along with these changes the extension periods for other types of returns have also been updated. The following chart highlights these important revisions.

As we head into the last quarter of 2015, it's time to take a look at what is happening on the federal level that may impact the deductions and credits for you or your business. 

Below is a list of some of the most significant tax provisions affecting individuals and businesses that expired on 12/31/14.  It is quite possible that Congress will extend some, or all, of these through the end of 2015.  However, as of the current date this has not yet been done.  We may not know conclusively about the fate of these provisions until much later in the year.

The Highway Act is making changes to our familiar due dates for business income tax returns. To recap current due dates, form 1120 (U.S. Corporation Income Tax Return) is initially due two and a half months after the close of the corporation’s tax year and can be extended for a six month period. 

Calendar year corporations are, therefore, initially due on March 15^th following the end of the calendar year and can be extended through September 15^th. Form 1065 (U.S. Return of Partnership Income) is initially due three and a half months after the close of the calendar year with an option for a five month extension. Calendar year partnerships are initially due April 15^th with an extension making the due date October 15^th.

Read more by Barb Theofilos: When Are Severance Payments Made to FICA? 

Estate planning impacts everyone, regardless of whether or not their estate will be taxable.  Therefore, proper care should be taken in the planning process.  With the estate lifetime exclusion amount currently set at $5.43 million for 2015, the majority of individuals do not need to worry about filing an estate return, as their estates are not taxable.  However, what happens if their spouse’s estate would end up being taxable?  One important estate planning tool to consider, in this case, is portability, which is only available when one files a return, even if it would not otherwise be required.   

With each passing year, additional states are considering legalizing the sale of marijuana for medical and/or recreational purposes.  Ohio is among those states considering legalization, with the issue up for vote on the upcoming November ballot. 

While state law is becoming more and more accepting of the idea, the act is still prohibited under federal law.  As one can imagine, this can create some interesting tax issues. 

Related read: How to Deduct Expenses Related to Personal Property

For engaged couples, there seems to be a never-ending list of things to plan ahead of the “big day,” including invitations, bridal party, the venue, wedding colors, first-dance song, and most romantically, the IRS. 

Identity thieves cannot steal what they cannot find.  While you may never be able to “hide” or protect all of your personal, financial information from getting out there, there are a number of simple ways to limit the exposure of your information.  The Federal Trade Commission says there are four main ways to help protect yourself against identity theft.