Tax hikes in ABLE Act — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

The Achieving a Better Life Experience (ABLE) Act authorizes states to create tax-favored accounts for disabled individuals and allows Section 529 plan holders to change their investment decisions twice a year. But the new law comes with a price: certain revenue-raisers to offset these tax breaks.

For instance, the new law increases the inland waterways fuel tax by 9¢ per gallon to 29.1¢ a gallon and indexing certain penalties for returns filed after 2014. This includes penalties for failing to file a tax return or to pay tax and for not filing information returns, as well as fines for tax return preparers who don’t sign returns, provide copies to taxpayers or put their tax ID number on returns.

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