FAQ: Who is Eligible for the Small Business Stock Exclusion?

  • February 1, 2011

Included among the many important individual and business incentives extended and enhanced by the massive tax bill passed in late December is a 100-percent exclusion of gain from the sale of qualified small business stock. Under the Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) individuals and other noncorporate taxpayers should not overlook the benefit of investing in qualified small business stock considering the ability for qualifying taxpayers to exclude 100-percent of gain from the sale or exchange of the stock.

Tax Law Changes for 2011 Impact Individuals and Businesses

  • February 1, 2011

Legislation enacted during the past few years, including the Small Business Jobs Act of 2010 and the more recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, contains a number of important tax law changes that affect 2011. Key changes for 2011 affect both individuals and businesses. Certain tax breaks you benefited from in 2010, or before, may have changed in amount, timing, or may no longer be available in 2011. However, new tax incentives may be valuable. This article highlights some of the significant tax changes for 2011.

Recap: Fourth Quarter 2010 Tax Developments

  • January 14, 2011

There were a number of important tax developments in the fourth quarter of 2010. While the new law tax changes in the bipartisan legislation that was enacted in late 2010 got the most attention, many other developments occurred that may also significantly affect you.

Estate and Gift Tax Changes in the 2010 Tax Relief Act

  • January 12, 2011

This article is an overview of the estate and gift tax provisions in the Tax Relief, Unemployment Insurance Reauthorization, and Job...

President Looks to 2011 to Begin Debate on Tax Reform

  • January 4, 2011

After touting legislative victories achieved during the lame-duck session, particularly the massive tax cut package - the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) - President Obama is looking ahead to 2011. The president signaled that he expects Republicans and Democrats in the 112th Congress to debate reforming the U.S. Tax Code.

Late Passage of Tax Legislation Delays Filing Season Start for Itemizers and Others, IRS Cautions

  • January 4, 2011

Because of late passage of the massive tax cut and extenders package by Congress at the end of December 2010, taxpayers who itemize deductions and certain others will need to wait until mid- to late February 2011 to file their individual tax returns, the IRS has cautioned. The IRS must reprogram its computer systems for the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act), In addition, the IRS reported that Form 1040, Schedule A will need to be updated as well.

2010 Tax Relief Act Extends Lucrative Tax Breaks for Families Through 2012

  • January 4, 2011

Congress not only extended the current, lower individual income tax rates through 2012 in the recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act); it also extended a number of beneficial tax breaks for families and individuals. Through 2012, the law extended significant tax incentives for education, children, and energy-saving home improvements.

Businesses Get Boost with 100% Bonus Depreciation and Code Sec. 179 Expensing

  • January 4, 2011

Businesses will benefit from a number of extended and enhanced tax breaks under the recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act). The 2010 Tax Relief Act boosts 50-percent bonus depreciation to 100 percent through 2011 and provides increased Code Sec. 179 expensing in 2012.

Guidelines for 2011 Payroll Tax Cut

  • December 22, 2010

With the recently enacted payroll tax cut for employees beginning in January 2011, the IRS has issued some guidelines for this 2.0% reduction in social security tax for your employees. It provides some relief for you, as an employer, so that your payroll software provider or services provider has time to make the necessary programming changes for this new law