The “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010” (“2010 Tax Relief Act” or “Act”) was signed into law on December 17 by President Obama and provides guidance and temporary certainty after nearly a year of uncertainty for taxpayers. Unfortunately, the Act only provides an extension of the "Bush tax cuts" for a period of two years, ending on December 31, 2012. The Act has an impact on nearly every American taxpayer, both individuals and businesses. The highlights of the Act are summarized below.

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