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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