Senate Passes Small Business Tax Relief
It will be interesting to see how this bill is reconciled with the House version. Many business changes in the bill are retroactive to January 1, 2010 including increased asset expensing under IRC section 179 and extension of bonus depreciation.
Some provisions would also increase the burden on taxpayers to report payments on form 1099. Congress and the IRS apparently believe that more third party reporting will lead to increased taxpayer compliance.
Taxpayers should follow this closely as year end tax planning begins. More to come...
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