On Friday December 17th, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (“the Act”). Included in the Act are provisions that extend and/or improve existing tax law. The new provisions which primarily expire in 2012, include:
- Favorable individual, estate and trust tax rates
- Reduced capital gains/dividend tax rates
- The $1,000 Child Tax Credit
- Enhanced education credits and other related incentives
- Alternative Minimum Tax relief
- Reduced Social Security taxes for 2011
- Significant increase in bonus depreciation allowances impacting 2010, 2011 and 2012
- Improved business incentives, including Section 179 expensing, research and work opportunity tax credits, small business stock gain exclusions, etc.
- Business and individual energy incentives
- Estate tax relief
If you would like to discuss the impact of this new legislation on you or your business, please contact the experts listed below at (800) 270-9629.
WE ARE REQUIRED BY IRS CIRCULAR 230 TO INFORM YOU THAT THE FOLLOWING DISCUSSION WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, NOR RELIED UPON,BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED UNDER FEDERAL TAX LAW. THE ADVICE WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED IN THE DISCUSSION. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.
