TAX NEWS

President Signs Two-Year Extension Of Bush-Era Tax Cuts, Payroll Tax

Relief, Estate Tax Compromise

President Obama signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

(2010 Tax Relief Act) (P.L. 111-312), on December 17. Th e new law follows through on the framework agreed to December 6 by President Obama

and GOP leaders in Congress. Th e 2010 TaxRelief Act extends the Bush-era individual and capital gains/dividend tax cuts for all taxpayers for two years.

The bill also provides for an AMT “patch,” a one-year payroll tax cut, 100 percent bonus depreciation through 2011 and  50 percent bonus depreciation

for 2012, a top federal estate tax rate of 35 percent with a $5 million exclusion, and more.


For more information click HERE .

 

MAXWELL SHMERLER & CO., CPAs
HELPING BUSINESSES SINCE 1913

January 22, 2010