Small Things Come in Small Packages - The 2010 Small Business Jobs Act

I didn't think I would ever say this, but it can be good to be small. President Obama's Small Business Jobs Act (H.R. 5297) is intended to benefit both small businesses and small business lenders. The House passed the 2010 Tax Act on Thursday night, September 23, 2010, and President Obama signed...

Small Things Come in Small Packages - The 2010 Small Business Jobs Act

I didn't think I would ever say this, but it can be good to be small. President Obama's Small Business Jobs Act (H.R. 5297) is intended to benefit both small businesses and small business lenders. The House passed the 2010 Tax Act on Thursday night, September 23, 2010, and President Obama signed...

Small Business Jobs Act of 2010 Allows Elective Deferral Plan Rollovers to Designated Roth Accounts

For tax years beginning in 2005 or later, a Section 401(k) or Section 403(b) employee retirement plan may also include a "qualified Roth contribution program." Under a standard 401(k) or 403(b) plan, a participant employee decides to defer a portion of income into a company's sponsored...

Big Breaks for Small Businesses

The recently enacted 2010 Small Business Jobs Act (the "Act") includes a wide-ranging assortment of tax breaks and incentives for small business. Below is a summary of some of the key tax breaks and incentives provided by the Act: Extension of 50% first-year bonus depreciation. The Act extends...

Small Business Jobs Act of 2010

By Mitchell R. Kops , Sanford J. Davis , and William J. Kambas President Obama recently signed into law the Small Business Jobs Act of 2010 (the "Act"). After stalling in Congress earlier this year, the Act progressed rapidly in the month of September as the Senate and House approved it...

Taxation of Employer-Provided Cell Phones: Who Benefits?

When I was practicing law in the 1990s, the large private law firm I worked for decided to follow the lead of the technology-based Silicon Valley firms and issue what was likely the first generation of Blackberry smartphones to associates and partners. It seemed like such a perk initially: A firm-provided...

Taxation of Employer-Provided Cell Phones: Who Benefits?

When I was practicing law in the 1990s, the large private law firm I worked for decided to follow the lead of the technology-based Silicon Valley firms and issue what was likely the first generation of Blackberry smartphones to associates and partners. It seemed like such a perk initially: A firm-provided...

AMT "Ifs and Buts": Considering Prospects for 2012 and Beyond

By Suellen Wolfe, J.D., LL.M. * In 1986, Congress concluded that "that no taxpayer with substantial economic income [should be able to] avoid significant tax liability by using exclusions, deductions, and credits. Although these provisions may provide incentives for worthy goals, they become counterproductive...