We have two new articles regarding the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853). One article summarizes (i) descriptions that are more detailed than what has been summarized in the headline news regarding what this Act contains, and (ii) the costs of this substantial new law, as determined by Joint Committee on Taxation and the Congressional Budget Office (CBO). Interestingly, the cost breakout paints a different picture than what one hears from the politicos who have been commenting on the compromises that allowed this Act’s passage. Perhaps the politicos should read the actual numbers.
The second article focuses on the estate tax provisions, which are the biggest surprise contained HR 4853 (as well as being the most controversial). This estate & gift tax article provides planning suggestions in light of these changes.