The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

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Last-Minute Year-End Tax Planning Possible with the Passage of the Long-Anticipated Legislation

On December 17, 2010, President Obama signed into law the greatly contested and debated Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "Act"). The Act contains a multitude of new and extended tax breaks, including a two-year extension of the 2001 Bush-era tax cuts, a new 2% payroll tax reduction for 2011, a two-year patch of the alternative minimum tax (AMT), an extension of federal unemployment benefits, and estate tax relief. Below is a summary of the Act's key provisions, followed by quick-strike tax planning strategies.

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Published In: Education Updates, Finance & Banking Updates, Labor & Employment Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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