The President yesterday signed HR 5297 into law. Some kep provisions:
- $500,000 Section 179 depreciation limit for years beginning in 2010 and 2011.
- 50% bonus depreciation has been extended for assets placed in service through December of this year.
- The built-in-gain recognition period for S corporations has been reduced to five years for 2011 recognition events.
- AMT offset for business credits. General business credits arising this year will offset alternative minimum tax, not just regular tax.
- Rental owners will have to start issuing 1099-MISCs to their service providers who they pay $600 or more in a year, starting next year.
More details here. Additional coverage:
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to