Discussion:Summary of new bill?

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Discussion Forum Index --> Tax Questions --> Summary of new bill?

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LJACPA (talk|edits) said:

21 December 2010
There's a link to a good summary of the proposed provisions of the new tax bill on the main page of TA but I have been unable to find something similar in final form. Would there be such a thing?

Kevinh5 (talk|edits) said:

21 December 2010
All of the associations have them out already. I've gotten them from NATP, NAEA, NARPT, Latino Tax Pros, etc. Check with your your professional associations that you belong to.

Solomon (talk|edits) said:

21 December 2010
CCH Summary for HR 4853

Death&Taxes (talk|edits) said:

21 December 2010
See Belle's first post here: Discussion: SS tax credit & SE tax

JR1 (talk|edits) said:

December 21, 2010
Isn't it enough to just say all is as it has been, except for the 500 RE deduction for non-itemizers, the 2% reduction in the SS/SE tax, and changes in the energy credits?

Kevinh5 (talk|edits) said:

21 December 2010
um, JR1, big changes in the estate tax rules compared with this year (and compared with prior years), so I vote "NO".

LJACPA (talk|edits) said:

21 December 2010
Thanks everyone. Kevin, once again a disappointment - nothing but a podcast on the Assoc. website. Maybe I need to join one of yours?

Belle (talk|edits) said:

December 21, 2010
LJA - go to the one I linked (Deloitte); sign up for their notices for free (as well as some occasional free CPE). Also try Spidell - their flash alerts are free also, and I think I received info from them on the passage of the law, with a brief summary, before the one from Deloitte. FWIW.

Kathyt (talk|edits) said:

22 December 2010
JR, the 100% bonus depreciation is also a new change.

Sec. 179 vs 100% bonus depreciation

Death&Taxes (talk|edits) said:

22 December 2010
Can someone tell me what the difference is between Section 179 and 100% Bonus Depreciation? (besides a section number?)

Kathyt (talk|edits) said:

22 December 2010
With Sec 179 set at 500,000 it did seem to me that 100% bonus was a little bit of overkill. But I do have one client that has purchased over 500k in assets and he could use the 100 bonus, that is if he would have waited and purchased the equipment after 9/8/10.

UpstateCPA (talk|edits) said:

22 December 2010
The 100% bonus will primarily benefit the large corporations that are phased out of 179 even at the higher levels.

UpstateCPA (talk|edits) said:

22 December 2010
  • Section 179 is limited to taxable income whereas bonus can create a loss
  • Section 179 phases out when assets placed in service exceed the threshold, no limit on bonus
  • Bonus restricted to new assets , no original use requirement for 179
  • Other differences on assets allowed

Taxaway (talk|edits) said:

22 December 2010
280F: recapture of Section 179, (and depr on listed property) when <=50% business use. Bonus depreciation not 179.

Death&Taxes (talk|edits) said:

22 December 2010
Aha, when I have a client with 10,000 of 179, it is an event. Perhaps 70% of clients are in Pennsylvania, and a number in Philadelphia, neither of which recognized bonus depreciation in the past but had no such qualms about 179, so it was a no-brainer. Thanks all

UpstateCPA (talk|edits) said:

22 December 2010
Yes, differences in state decoupling are another big difference. NY for example has decoupled from bonus but not (yet) 179.

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