In response to the current state of the economy, Congress has passed some tax legislation amending the Internal Revenue Code (the “Code”). Although it is up for debate, some would say that Congress has not been busy enough. As we near the end of the year, many taxpayers and their advisers are going through their usual year-end tax planning checklist. This year, planning may be greatly impacted both by recent legislation and by items that Congress has not yet addressed, including, among others, the extension (or lapse) of the “Bush tax cuts.”

In anticipation of 2010’s year-end tax planning, the following brief discussion highlights some of Congress’s most recent changes to the Code, as provided in the Small Business Jobs Act of 2010, and summarizes some of the items that still are pending and for which we are awaiting some clarity.

Alert topics include:

SMALL BUSINESS JOBS ACT OF 2010

• Business Investment Incentives
• Liberalized Expensing
• Fringe Benefit Assistance
• New Reporting and Payments

TO BE OR NOT TO BE? - OUTSTANDING YEAR-END QUESTIONS

• Provisions that Expired at the End of 2009
• Provisions Set to Expire at the End of 2010
• On the Horizon

To read the full alert, click on Link to article below. Note that this alert contains a general discussion of the law and is not intended to address any particular circumstance. If you have any questions or would like to discuss these or any other tax concerns, please contact any of the attorneys listed below.