Expensing
New Law Extends Tax Relief, Including Energy-Efficient Property Provisions
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 The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).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.
New Law Extends Tax Relief, Reinstates Estate & Gift Tax
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 The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).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 tax rate of 35 percent with an exclusion of $5. Read More.
Deadline Looms for Some Tax Benefits Under the Small Business Jobs Act
Real estate and construction companies need to take note that some key provisions of the Small Business Jobs Act of 2010 (the Act) will expire by the end of the month. The Act expanded two income tax expensing provisions as an incentive to encourage businesses to purchase certain types of property. In order to take full advantage of these provisions for 2010 calendar tax years, qualified businesses will need to act quickly, placing property in service as soon as December 31, 2010. Bonus Depreciation Retroactive to January 1, 2010, the Act extended the 50-percent first-year bonus depreciation that previously expired at the end of 2009, giving. Read More.
New Small Business Jobs Act Offers Numerous Tax Incentives
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.
New Small Business Jobs Act Offers Benefits to All Businesses
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.
Committee Looks to Extend Vital Tax Incentives for Small Businesses
With an eye towards assessing the expiring incentives critical to small business growth and stability, the United States Senate Committee on Small Business and Entrepreneurship sponsored a roundtable discussion entitled “What is Working: Tax Incentives to Aid Small Business Recovery” on December 3, 2009. Hosted by Chair, Mary L. Landrieu, D-Louisiana. , and Ranking Member Olympia J. Snowe, R-Maine , the event focused on what small businesses need to get the economy back on track and how to create jobs for American workers. “At a time when the American economy is deep in recession, it is vital for Congress to continue to enact pro-growth policies that will expand. Read More.