Extension of expanded child tax credit in the 2010 Tax Relief Act

The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” will make several important changes to the child tax credit, which is an up-to-$1,000 credit (i.e., dollar-for-dollar reduction in tax) for each qualifying child under the age of 17 that taxpayers with incomes below certain levels can take against their federal […]

Payroll tax cut in the 2010 Tax Relief Act

The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction. Under this new provision, which is intended to supplement income and boost economic growth, the payroll tax—which funds Social Security—will be cut by two percentage points during […]

Expensing and additional first-year depreciation in the 2010 Tax Relief Act

The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business. On the business side, two of the most significant changes provide incentives for businesses to invest in machinery and equipment by allowing for faster cost recovery of business property. Here are the details. Expansion and extension […]

Extension of Bush tax cuts in the 2010 Tax Relief Act

The heart of the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a two-year extension of the Bush tax cuts. But what, exactly, are the Bush tax cuts? Here’s a primer: Bush tax-cut legislation. The Bush tax cuts refer primarily to tax changes in two major pieces of legislation […]

Individual and business extenders in the 2010 Tax Relief Act

In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks for businesses and individuals. Individual tax relief. The […]

Return of the estate tax in the 2010 Tax Relief Act

The estates of wealthy individuals who died in 2010 didn’t pay any federal estate tax, but that situation is about to change. Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at […]

AMT relief in the 2010 Tax Relief Act

There are two key provisions in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.” The provisions extend partial relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of 2009, meaning […]

Overview of the tax provisions in the 2010 Tax Relief Act

The newly enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” signed into law on December 17, 2010 is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a […]

2011 Withholding Tables Released

The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a […]

Displaced Workers and Deduction for Travel Expenses

In today’s economy, employees may be displaced from long-held jobs. They travel to new assignments and locations as businesses cut costs. Sometimes, employees may have to choose between being laid off or reassigned. In these situations, workers have often tried to deduct business or employment travel under IRC § 162(a)(2). Usually, CPAs must tell them […]

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Extension of expanded child tax credit in the 2010 Tax Relief Act

Extension of expanded child tax credit in the 2010 Tax Relief Act

Payroll tax cut in the 2010 Tax Relief Act

Expensing and additional first-year depreciation in the 2010 Tax Relief Act

Extension of Bush tax cuts in the 2010 Tax Relief Act

Individual and business extenders in the 2010 Tax Relief Act

Return of the estate tax in the 2010 Tax Relief Act

AMT relief in the 2010 Tax Relief Act

Overview of the tax provisions in the 2010 Tax Relief Act

2011 Withholding Tables Released

Displaced Workers and Deduction for Travel Expenses

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