2010 Tax Law Changes –
- Extension of Bush-era tax cuts and unemployment benefits, retention of refundable tax credits, and provision of AMT relief – Bush-Era Tax Cuts Extended.
- Additional California enterprise zones added – Enterprise Zones.
- 35% health insurance credit for small employers who provide health insurance to their employees.
- Small Business Jobs Act provides additional tax breaks for small businesses – Small Business Jobs Act.
Please note that subsequent to the passing of this bill, another tax relief bill was signed into law allowing businesses to expense 100% of business-related equipment and machinery purchases made after September 8, 2010, and before January 1, 2012.
Tax changes effective on January 1, 2011 –
- New payroll tax rates – 2011 Payroll Tax Update.
- Federal tax deposit coupons (form 8109) are no longer accepted. See how you can sign up to pay electronically Federal Tax Deposit Coupons to be Discontinued.
- California made it mandatory to e-pay for individuals meeting certain threshold Mandatory E-Pay Requirements for Individuals.
Other helpful links on our website –
- IRS E-Pay and FTB E-Pay – these secure government websites provide a convenient and flexible way of making your tax payments 24/7.
- Financial calculators Calculators – for interactive calculations on individual and payroll taxes and retirement and college savings.
We encourage you to utilize these helpful resources available on our website www.fbco.com. If you have any questions regarding these tax changes or how they may impact you and your business, please do not hesitate to contact us.