President Obama has signed legislation, following Congressional approval, of a tax bill that extends the Bush-era tax cuts through 2012.

Not only does this legislation eliminate much of the uncertainty that was being faced regarding what the tax rates and rules would be for 2011, but it also includes extensions of many expired provisions along with planning opportunities for income, estate, and gift taxes. Further, all workers and individuals who generate self-employment income will in 2011 be beneficiaries of a two percent cut in the Social Security tax rate.

A detailed summary of the various tax provisions contained in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 can be accessed here.

For more information about how you are directly impacted by this Act, please contact your J.H. Cohn engagement partner at 877-704-3500.

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