This article summarizes selected recent developments in federal income taxation of corporations and shareholders.
Congress adjourned its year-end lame-duck session on December 22 after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form 1099 reporting requirements that were enacted as part of this spring’s health care reform legislation.
The Small Business Jobs Act of 2010 expands loan programs through the Small Business Administration, strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety of small business tax breaks, and includes some revenue raisers.
In March 2010, Congress enacted the Hiring Incentives to Restore Employment Act, which includes provisions to encourage employers to hire new employees and to make new capital investments. This article discusses these new incentives, as well as the revenue-raising provisions included in the act to offset their cost.
P.L. 111-226 makes changes to how corporations can use the foreign tax credit and also terminates the advance refundability of the earned income credit (under Sec. 3507), effective for tax years beginning after December 31, 2010.
On September 27, President Barack Obama signed into law the Small Business Jobs Act of 2010.
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law.
The Senate passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, H.R. 5297) by a vote of 61–38, and sent it back to the House of Representatives.
This article discusses selected developments in U.S. federal income taxation of corporations and consolidated groups during 2009.
The Worker, Homeownership, and Business Assistance Act of 2009 contains a handful of tax provisions. These include changes to the first-time homebuyers’ credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers.
The Federal Aviation Administration Extension Act of 2009. This act extends the taxes that fund the Airport and Airway Trust Fund through the end of September.
The American Recovery and Reinvestment Act of 2009 contains numerous tax provisions aimed at individuals and small businesses.
The tax benefits the Economic Stimulus Act provides affect both individuals and businesses. The legislation’s purpose is to increase consumer and business spending in an effort to stimulate the economy.