2011 Tax Planning Year-In-Review
Top 5 Key Tax Law Developments in 2011
The 15-page special report available via this post is a very good summary of the major tax legislation passed in 2011. Although there is still quite a bit of uncertainty in tax planning for future years, the tax legislation passed in 2011 laid the groundwork for tax reform. There is, as of this post, one more piece to come which should hopefully extend the payroll tax cut on wages into 2012. In my opinion, this year’s top 5 key pieces of legislation to note are:
- Business Information Reporting. The Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 (yes, it’s a mouthful) repealed the burdensome expansion of 1099 reporting for many taxpayers including qualified landlords.
- The Three Percent Withholding Repeal and Job Creation Act repealed the three percent withholding on government contractors.
- The IRS issued Rev. Proc. 2011-26 which provides guidance on claiming the 50% or 100% first-year depreciation bonus for qualifying business property.
- IRS Notice 2011-28 has excused small employers from having to report the cost of employer-provided health insurance coverage on the employee Forms W-2.
- The IRS issued Rev. Proc. 2011-34 to allow qualified real estate professionals to make a late election to aggregate rental real estate interests for applying the passive activity loss rules under IRC Section 469.
There are several other important items included in this summary. Click here to view. Contact me at gtringas@osullivancreel.com or call 850-435-7400 if you have any questions or wish to discuss a particular issue in more detail.