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Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Congress has just passed the The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which the President is expectly to quickly sign. It provides vital tax relief and investments in our workers that will create jobs and accelerate economic growth. The bill has three key accomplishments:

• Working families will not lose their tax cut. A typical working family faced a tax increase of over $3,000 on January 1st. That’s avoided under this bill, and working families won’t see their tax cuts go away next year.
• Focused on high impact job creation measures. The bill includes some of the best measures for jumpstarting growth and job creation, including a full year of emergency unemployment insurance benefits, a 2% payroll tax cut for working families and a continuation of tax credits for working families. This is on top of growth generated by extension of the middle-class income tax rates.
• Does not worsen the medium- and long-term deficit. These are responsible, temporary measures to support our economy that will not add costs by the middle of the decade. The President does not believe it is affordable to make the high-income tax cuts permanent and will continue to make his case for why we cannot extend these measures beyond 2012.

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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