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Revision as of 17:09, 29 May 2007

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Featured article

Small Business and Work Opportunity Tax Act of 2007

On May 24, Congress passed H.R. 2206, U.S. Troops Readiness, Veterans’ Health, and Iraq Accountability Act of 2007. On May 25, President Bush signed the legislation into law. Final supplemental spending legislation includes a long-overdue minimum wage hike for America’s workers, and a number of small business tax incentives.

Small Business Tax Relief Provisions

Work Opportunity Tax Credit

  • Extend WOTC for 3 1/2 years through September 30, 2011.
  • Expand WOTC to allow credit to employers who hire disabled veterans and individuals in counties that have suffered significant population losses.

179 Expensing

  • One-year extension through 2010.
  • Immediate increase in the expensing limit from $112,000 to $125,000 and phase-out level from $450,000 to $500,000.
  • Extend 179 expensing for Go Zone businesses sthrough 2008.

GO Zone Low Income Housing

  • Extends enhanced credit treatment for 2 additional years through 2010 and modifies the carryover allocation and Federally subsidized rules for certain low income housing credit buildings.

GO Zone Repairs and Reconstruction

  • Treats certain qualified GO Zone repairs or reconstruction as “qualified rehabilitation” for purposes of the mortgage revenue bond and Gulf Opportunity Zone bond rules.
  • Calls for GAO study of certain tax incentives in the GO Zone.

Tip Credit

  • Allows employers to receive full tip credit despite increase in Federal minimum wage.

Family Business Tax Simplification

  • Allows an unincorporated business owned jointly by a married couple to file as a sole proprietorship instead of a partnership.
  • Ensures that both spouses receive credit for paying Social Security and Medicare taxes.


In the News

Current Tax and Accounting

  • Tax Extenders Legislation Advances in Senate Accounting Today
  • Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500; Saves 1.6 Million Hours A Year IRS
  • House Ways and Means Chairman Camp Releases Tax Reform Proposal Accounting Today
  • IRS Offers Health Care Tax Tips to Help Individuals Understand Tax Provisions in the Affordable Care Act IRS

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