On December 13th, 2011 the house passed H.R. 3630, the “Middle Class Tax Relief & Job Creation Act of 2011. If the Middle Class Tax Relief & Job Creation Act of 2011does become law what real world implications would have? First, maybe you noticed that at the beginning of 2011 you started taking home more in your paycheck. That is because there was a 2% reduction in workers payroll taxes and self-employment tax. So employees have been saving 2% of FICA taxes all thru 2011; H.R. 3630 extends that 2% reduction for 2012. Also, 100% bonus depreciation “for most assets” is set to expire at the end 2011. Under current law, business taxpayers must generally depreciate the cost of capital
Section by Section
Section-by-Section for The Middle Class Tax Relief & Job Creation Act of 2011 – H.R. 3630 TITLE I – JOB CREATION INCENTIVES Subtitle A – North American Energy Access Section 1001. Short Title: This section provides the short title of “North American Energy Security Act.” Section 1002. Permit for Keystone XL Pipeline: Subsection (a) requires the President to grant a permit under Executive Order 13337 for the Keystone XL pipeline project application filed on September 19, 2008 (including amendments), subject to subsection (b). Subsection (b) provides that the President is not required to grant the permit under subsection (a) if he determines that the Keystone XL pipeline would not serve the national interest. If the President determines that the Keystone
2011 Year End Tax Letters
Hello Everyone, The 2011 Year Tax Letters are now available to view on our website. 2011 New Developments Letter 2011 Year End Income Tax Planning For Individuals 2011 Year End Income Tax Planning for Coporate & Non-Corporate Businesses
Four Common Estate Planning Mistakes
http://email.cpa2biz.com/cgi-bin15/DM/t/ejCB0CHvLi0HUH0B1KA0Eq
Gifting and Other Tax Planning Opportunities – 2011
http://www.venable.com/files/Publication/24a86b04-4ff7-4145-81cb-9692c2b21a79/Preview/PublicationAttachment/4620f822-bdb2-4685-b82c-98be4ec2727f/Gifting_and_Other_Tax_Planning_Opportunities_in_2011.pdf
2011 New Law Letter
Over the past 18 months, Congress has been passing tax legislation at a frantic pace. The primary “tax” themes underlying this legislation are Congressional attempts to provide temporary tax relief for both businesses and individuals and to spur a struggling economy by encouraging businesses to make capital investments. Examples of these tax relief provisions for Individuals include: extending all existing income tax rates for two years (through 2012); providing temporary estate and gift tax relief through 2012; extending a long list of tax breaks that would have otherwise expired; a “2011 only” Social Security tax cut of two percentage points; and an increased refundable adoption credit. Businesses also received their share of tax relief and incentives, including: a temporary increase