LAST CHANCE! 100% BONUS DEPRECIATION IS EXPIRING SOON
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) allows taxpayers who acquire and place in service new equipment and certain other assets before January 1, 2012 to deduct 100 percent of the cost.
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IRS FINALLY ISSUES GUIDANCE FOR TAXPAYERS DECEASED IN 2010
The Internal Revenue Service issued Notice 2011-76 on September 13, 2011 which extends the due date and provides penalty relief for the estates of decedents who passed away in 2010 and for their beneficiaries as well. These extended due dates allow the estate much needed additional time to consider options available under the estate tax provision enacted late last year.
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IRS PROVIDES RELIEF FOR EMPLOYERS WITH PAST DUE PAYROLL TAXES
Internal Revenue Service (IRS) issued Announcement 2011-64 on September 21, 2011 which provides relief to employers from any potential past due federal employment taxes.
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GOVERNOR SIGNS NEW 'AMAZON' BILL (09-23-11)
A last-minute bill provides a one-year moratorium on collecting sales tax on internet transactions with California-based consumers. AB 155, which was signed by the Governor today, delays implementation of ABX1 28 (Ch. 11-7), the "Amazon" law, for one year.
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As always, please call if you would like to discuss any of these items further.

Your Tax Partners,