Economic Stimulus Act
3402(t) Is Looming on the Horizon
With the ink barely dry on your company’s 2010 taxes, it’s time, once again, to start looking down the road at upcoming tax planning issues. The American Recovery and Reinvestment Act of 2009 delayed the implementation of withholding requirements, for business that provide goods and services to federal, state, and local governmental entities for one additional year. While that may have been considered “good news” at the time, it is important to keep in mind what may be inevitable. Effective January 1, 2012, all payments made to contractors by the federal government, including all federal agencies; state governments, including the District of Columbia; and local governments with. Read More.
New Law Extends Tax Relief for Individuals, Incentives for Businesses
Key Provisions of the Tax Relief Act of 2010 Incentives for Individuals Federal Estate & Gift Taxes Incentives for Businesses On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate. Read More.
Small Business Jobs Act of 2010 Offers Tax Incentives for Businesses of All Sizes
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 , or H.R. 5297 (hereafter, “the Act”). Though many of the Act’s provisions focus on small businesses , the new law also contains tax incentives that apply to all businesses as well as new retirement savings incentives for individuals . It is important to note that some of these provisions offer taxpayers a very small window of opportunity, requiring action before the end of the year to take advantage of the savings. INCENTIVES FOR ALL BUSINESSES The Act enhances and extends a number of tax incentives that were originally included in the Economic Stimulus Act of 2008 (“the 2008 Stimulus Act”) and the American Recovery and Reinvestment Act of 2009 (“the. Read More.
HIRE Act Contains Several New Tax Incentives to Promote Job Creation
Last week, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (HR 2847) . The law includes several major tax provisions designed to promote job creation as the nation’s economy continues to recover from recession. The Act introduces the “ Hire Now Tax Cut ” to qualified employers both in the form of payroll forgiveness for Social Security taxes paid for qualified new hires, as well as a tax credit for keeping those employees on payroll for 52 consecutive weeks. Click here to read CB&H’s recent Tax Bulletin on the HIRE Act for more information about these provisions. The Act also extends enhanced Code Sec. 179 expensing threshold levels through December 31, 2010. This extension means that the previous limits of $125,000 with a $500,000 cap will. Read More.
HIRE Act Contains Several New Tax Incentives to Promote Job Creation
Last week, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (HR 2847) . The law includes several major tax provisions designed to promote job creation as the nation’s economy continues to recover from recession. The Act introduces the “ Hire Now Tax Cut ” to qualified employers both in the form of payroll forgiveness for Social Security taxes paid for qualified new hires, as well as a tax credit for keeping those employees on payroll for 52 consecutive weeks. Click here to read CB&H’s recent Tax Bulletin on the HIRE Act for more information about these provisions. The Act also extends enhanced Code Sec. 179 expensing threshold levels through December 31, 2010. This extension means that the previous limits of $125,000 with a $500,000 cap will. Read More.
Recovery Act Projects Slow to Award, Start Due to Federal Requirements
The Government Accountability Office (GAO), the Recovery Act watchdog agency, released a report this month examining various requirements and other factors affecting the Act’s implementation. The survey covers 27 federal agencies in 16 states and the District of Columbia, all accounting for two thirds of Recovery assistance. Of the $787 billion in spending and tax provisions, 63 percent has been obligated by the agencies. Several requirements are affecting both the selection and start of various projects.