Small Business Tax Incentives and Credits in American Recovery and Reinvestment Tax Act of 2009
The American Recovery and Reinvestment Act includes approximately $300 billion of net tax cuts. The new stimulus act includes tax provisions that may impact you and your small business. You will want to familiarize yourself with the plan’s new tax relief provisions.
Several key tax provisions include:
- New 5-year net operating loss (NOL) carryback rule.
- Deferral of certain income from the discharge of indebtedness
- Extension of the existing bonus depreciation rules, which allows businesses to immediately deduct half of the cost of qualifying purchases rather than depreciating them over time
- Temporary increase in limitations on expensing of certain depreciable business property
- Special rules applicable to qualified small business stock
- Provision that temporarily shortens the holding period of S-corporation assets that can be sold without tax on built-in gains..
If you have IRS tax problems, our specialized staff of tax attorneys, CPAs, and EAs can help. Visit the Tax Resolution Services web site for a free tax relief consultation or call us at 866-477-7762.
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