Clifton Gunderson LLP - A nationwide firm of Certified Public Accountants and Consultants

Tax Legislation

Changing tax laws have a direct impact on your business and personal success. The resources on this page support our ongoing effort to keep you informed of important tax news, so you can develop more effective tax strategies. Visit regularly for updates on the latest legislative action, along with analysis and insight on what it means to you.

CONTRACTOR WITHHOLDING AND VETERAN HIRING INCENTIVES

• Congress Kills Contractor Withholding, Expands Hiring Incentives for Veterans. On Nov. 21, President Obama signed the Three Percent Withholding Repeal and Job Creation Act (HR 674), repealing the 3 percent withholding on government contractors and expanding tax incentives to encourage employers to hire military veterans.

RUMORED CHANGE IN GIFT TAX EXEMPTION

• Rumors abound that the Joint Select Committee on Deficit Reduction in Washington is considering proposals to reduce the federal gift tax exemption from $5 million to $1 million, effective as early as Nov. 23, 2011.

BUDGET CONTROL ACT OF 2011

• As Debt Crisis Ends, Tax Reform Talks Begin
  Approved by Congress and signed by the president on Aug. 2, the Budget Control Act of 2011 addresses the national debt but leaves tax reform on the table. Here is a look at some of the tax proposals that may come up in the months ahead.

COMPREHENSIVE 1099 TAXPAYER PROTECTION AND REPAYMENT OF EXCHANGE SUBSIDY OVERPAYMENTS ACT OF 2011

• Form 1099 Reporting Requirements Repealed
  Expansions of Form 1099 information reporting for businesses and landlords has been repealed The expanded reporting was scheduled to take effect for payments made after Dec. 31, 2011 (businesses), and after Dec. 31, 2010 (landlords). To offset the cost of the repeal, the law increases the amount of the new health care premium assistance that is subject to recapture.

TAX RELIEF AND JOB CREATION ACT OF 2010

• Tax Relief Act of 2010 Has Something for Everyone
  The impact of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4853) has been widespread and immediate. The extension of Bush-era tax cuts for two years is just the beginning. Nearly every taxpayer in America – individual and business – will be affected by some part of the $800 billion-plus package.  

SMALL BUSINESS JOBS ACT

• New tax breaks designed to boost business investment and spending
  Signed into law on Sept. 27, the Small Business Jobs Act (H.R. 5297) is meant to stimulate business investment and spending. It includes a package of extended and expanded business incentives, benefits to promote retirement savings and revenue raisers to cover the $12 billion price tag.

HOMEBUYER TAX CREDIT

• Deadline Extended for Homebuyer Tax Credit
  Homebuyers now have until Sept. 30, 2010 to claim the Homebuyer Tax Credit. Here's a look at details, including important documentation requirements.

HIRE ACT / JOBS CREATION

• A Tax Perspective on the HIRE Act of 2010
  The HIRE Act  is an attempt to boost the economy by giving employers immediate but temporary incentives to create jobs and hire those who have been unemployed. It has important tax implications for individuals and businesses.
  
• HIRE Act Aims to Boost Hiring Through 2010
  The Hiring Incentives to Restore Employment (HIRE) Act provides $17.6 billion in temporary tax breaks designed to encourage employers to expand their workforce.
• CCH Tax Briefing: President Signs HIRE Act; New Law Provides Hiring Incentives, Expensing Extension And More

HEALTH CARE REFORM

• A Tax Perspective on the Health Care Reform Act
  The historic overhaul of the American health care insurance and delivery system will have tax implications for years to come. This white paper offers an overview.
  
• A Year-By-Year Look at Tax Credits, Increases, Penalties and Reporting Requirements Related to Health Care Reform and Jobs Creation
  In the minds of many Americans, the Patient Protection Act is one huge, towering entity that is set to offer incentives and credits, and impose reporting mandates, taxes, penalties and new regulations, all at once. In fact, only a few provisions of the law will take effect in 2010.
• Health Care Reform Law Means - Mandates, Tax Increases and Incentives for All
  Tax issues – both as incentives and increases – are a major component of the massive health care reform legislation signed by the President on March 23. The Patient Protection Act includes $400 billion in revenue raisers and taxes on employees and individuals.
• CCH Tax Briefing: Congress Completes Overhaul Of Health Care Law; Makes Many Tax Changes

AMERICAN RECOVERY AND REINVESTMENT ACT

• American Recovery and Reinvestment Act of 2009
  The American Recovery and Reinvestment Act of 2009 is one of the most massive and far-reaching pieces of legislation in history. According to some economists, the nearly $800 billion bill is also one of the most important in a generation.
• Multimedia Presentation: Highlights of the American Recovery and Reinvestment Act of 2009
  Learn about the individual tax benefits, business tax benefits, energy incentives and implications for state taxes related to the ARRA. A 30-minute online session.

TAX INSIGHT

• Sign up for Tax Insight
  Get the latest on tax issues directly in your inbox. Keep current on new and proposed legislation such as the anticipated extended tax breaks for American Jobs and Closing Tax Loopholes Act, insight related to IRS focus and audit hot topics and recent federal case law changes and they way they impact you.

TAX LEGISLATION ARCHIVE

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