Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has reminded small businesses of the tax savings available to them under the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) (P.L. 111-5).

  Small businesses may recover some capital expenses faster. The 2009 Recovery Act extended the 50-percent special depreciation allowance that was available for 2008 acquisitions to acquisitions of qualifying property in 2009, allowing businesses to immediately deduct half the adjusted basis of qualifying property. Also extended to 2009 is the ability of corporations that acquire eligible business property to accelerate certain tax credits in lieu of a bonus depreciation deduction. In addition, taxpayers may continue to expense up to $250,000 (rather than $133,000) of qualifying property under Code Sec. 179.

  Other provisions favorable to small businesses include:

  Businesses with net operating losses for 2008 may carry them back five years, rather than the usual two.

  Individual small business owners may be able to defer paying their 2009 estimated tax obligations until the end of the year.

  Employers who provide a 65-percent COBRA premium subsidy (as required by the 2009 Recovery Act) to former employees who were involuntarily terminated may claim a credit for this subsidy. In addition, such employers may reduce their employment tax deposits by the amount of the credit.

  The 2009 Recovery Act also contains business-favorable provisions related to: the discharge of business indebtedness, exclusion of gain on the sale of small business stock, the built-in gains of S corporations, commuter fringe benefits and various energy credits.

IR-2009-51,
2009FED ¶46,373

IRS Fact Sheet FS-2009-11, 2009FED ¶46,374

Other References:

 
Code Sec. 25C

  CCH Reference - 2009FED ¶3843.10

 
Code Sec. 25D

  CCH Reference - 2009FED ¶3847.001

 
Code Sec. 30C

  CCH Reference - 2009FED ¶4059K.10

 
Code Sec. 45

  CCH Reference - 2009FED ¶4415.30

 
Code Sec. 48

  CCH Reference - 2009FED ¶4671.001

  CCH Reference - 2009FED ¶4671.021

  CCH Reference - 2009FED ¶4671.045

 
Code Sec. 54C

  CCH Reference - 2009FED ¶4900.20

 
Code Sec. 108

  CCH Reference - 2009FED ¶7010.35

 
Code Sec. 132

  CCH Reference - 2009FED ¶7438.70

  CCH Reference - 2009FED ¶7438.75

 
Code Sec. 139C

  CCH Reference - 2009FED ¶7649M.001

 
Code Sec. 168

  CCH Reference - 2009FED ¶11,279.19

 
Code Sec. 172

  CCH Reference - 2009FED ¶12,014.3307

 
Code Sec. 179

  CCH Reference - 2009FED ¶12,126.57

 
Code Sec. 1202

  CCH Reference - 2009FED ¶30,375.01

 
Code Sec. 1374

  CCH Reference - 2009FED ¶32,203.25

 
Code Sec. 6432

  CCH Reference - 2009FED ¶38,940.025

 
Code Sec. 6654

  CCH Reference - 2009FED ¶39,560.75

  Tax Research Consultant

  CCH Reference - TRC BUSEXP: 45,154.55
CCH Reference - TRC BUSEXP: 54,550
CCH Reference - TRC BUSEXP: 54,558
CCH Reference - TRC BUSEXP: 55,806
CCH Reference - TRC COMPEN: 36,350
CCH Reference - TRC COMPEN: 36,354
CCH Reference - TRC COMPEN: 45,206.45
CCH Reference -
TRC DEPR: 3,600
CCH Reference -
TRC DEPR: 3,606
CCH Reference -
TRC DEPR: 12,104
CCH Reference - TRC FILEIND: 15,352
CCH Reference - TRC INDIV: 57,758
CCH Reference - TRC INDIV: 57,852
CCH Reference - TRC SALES: 12,252
CCH Reference - TRC SALES: 15,302.05
CCH Reference -
TRC SCORP: 356