Plain Writing Act of 2010 to make new rules easier to understand?

On October 13, President Obama signed H.R. 946, the “Plain Writing Act of 2010” into law.  The PWA requires federal agencies, including the IRS, beginning on Oct. 13, 2011to use “plain writing” in any  document other than a regulation that is: necessary for obtaining any federal government benefit or service or filing taxes; provides information about any Federal Government benefit or service; or explains to the public how to comply with a requirement the federal government administers or enforces; and includes any letter, publication, form, notice, or instruction.  For purposes of the law, “plain writing'' is defined as writing that is clear, concise, well-organized, and follows other best practices appropriate to the subject or field and intended audience.
 
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Gift Tax Annual Exclusion Amount for 2011 Remains at $13,000

Each year, the prior Consumer Price Index (CPI) is used to compute the gift tax annual exclusion amount for the following year.  There is uncertainty over which tax rates will apply for 2011 based upon the sunset provision of the Economic Growth and Tax Relief Reconciliation Act of 2001  ("EGTRRA") and the extent to which Congress may act to change it.  Under the sunset, provisions of EGTRRA, the Internal Revenue Code of  1986 will be applied after 2010 as if the provisions of EGTRRA had never been enacted.  However, under all laws and proposals to date, the Gift Tax has remained and based upon the inflation data, the gift tax annual exclusion is set to remnain at $13,000.  This appears to be one of the few areas of certainty for next year.  But stay tuned, as the only thing constant in tax law is change.

Small Business Jobs Act of 2010 is enacted

On September 27, President Obama signed into law H.R. 5297, the Small Business Lending Funding Act. Included in the SBLFA is the tax title the “Small Business Jobs Act of 2010”  which includes a number of important tax provisions for individuals, small businesses and large businesses.  These were discussed below in the post dated 9/14/10.