Friday, December 17, 2010

Congress Passes Extension of Bush-Era Tax Cuts, AMT Patch and More!

CCH Analysis Now Available

With just weeks before the scheduled sunset of numerous taxpayer-friendly tax rates and incentives, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act of 2010), which extends these popular provisions for two years. The Tax Relief Act of 2010 extends lower marginal individual income tax rates, marriage penalty relief, lower capital gains tax rates, and more than 50 other tax benefits popularly referred to as the “Bush Tax Cuts.”

In addition to the extension of the “Bush Tax Cuts,” the measure:

* Provides a two-year AMT patch
* Includes temporary estate tax relief
* Extends the deduction for elementary and secondary school teacher expenses
* Extends the deduction for state and local general sales taxes
* Extends the deduction for qualified tuition and related expenses
* Reinstates the research and development credit
* Extends the credit for energy-efficient appliances
* And more!

In all, the Tax Relief Act of 2010 carries a price tag in excess of $850 billion and impacts hundreds of Internal Revenue Code provisions. President Obama is expected to sign the legislation into law immediately.

CCH’s Award-Winning Briefing Now Available
Since 1913, CCH has provided tax professionals with the most comprehensive, ongoing, practical and timely analysis of the federal tax law. CCH’s Tax Briefing on the Tax Relief Act of 2010 highlights the key provisions in this new law. Find out how these changes will impact you, your business and your clients.

But Wait, There’s More — Check Out CCH’s Law, Explanation & Analysis!
CCH’s 2010 Tax Legislation: Law, Explanation & Analysis, covering the Tax Relief Act of 2010 and the tax provisions of other recent tax legislation is now available to IntelliConnect™ subscribers. This all-in-one, practical resource provides detailed analysis of these new tax law changes, and is loaded with practical guidance, examples, planning strategies and opportunities.

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