Highlights of Newly Enacted Tax Law for Businesses

5-Year Carryback of 2008 and 2009 Net Operating Losses (NOLs) for Eligible Small Businesses (ESBs)

For 2009, you can choose a 3, 4, or 5-year carryback period for the part of your 2009 NOL that is an ESB loss.


Alcohol and Cellulosic Biofuel Fuels Credit

There are several changes to alcohol and cellulosic biofuel fuels credits.


Biodiesel and Renewable Diesel Fuels Credit

There are several changes to the biodiesel and renewable diesel fuels credit.


Build America Bonds

Find out what a build America bond is and how to claim a credit.


Cancellation of Debt

Certain businesses can make an irrevocable election to delay recognition income from the cancellation of business debt arising from the reacquisition of certain types of business debt repurchased in 2009 or 2010.


Capital Gain Tax Rate Reduction for Corporations With Qualified Timber Gain

Corporations with both a net capital gain and a qualified timber gain may have a reduced tax rate.


Carbon Dioxide Sequestration Credit

There are several changes to the carbon dioxide sequestration credit.


Changes to Investment Credit

There are several changes to the investment credit.


COBRA Premium Assistance Credit

The American Recovery and Reinvestment Act of 2009 (ARRA) allows a credit against employment taxes for providing COBRA premium assistance to assistance eligible individuals.


Credit for Employer Differential Wage Payments

Eligible small business employers may be able to claim a credit for differential wage payments.


Depletion

There is a change to the taxable income limitation on percentage depletion for 2009.


Depreciation and Section 179 Expense

The depreciation limit on certain business vehicles has been reduced.


Disqualified Corporate Interest Expense Disallowed Under Section 163(j) and Related Information

For tax years beginning after 2007, corporations will use Form 8926, Disqualified Corporate Interest Expense Disallowed Under Section 163(j) and Related Information, to figure the amount of any corporate interest expense deduction disallowed by section 163(j).


Domestic Production Activities Deduction

For tax years beginning in 2007, 2008, or 2009, the percentage used to figure the domestic production activities deduction increases to 6%.


Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance

Corporations and a certain automotive partnership can elect to accelerate certain credits.


Employer-Owned Life Insurance Contracts

Policyholders owning one or more employer-owned life insurance contracts may have to file a report.


Health Savings Accounts (HSAs)

Information on changes for Health Savings Accounts (HSAs).


Maximum Automobile Value for Using the Cents-Per-Mile Valuation Rule

An employer providing a passenger automobile for personal use by an employee may use special rules for determining the value of the personal use.


Meal Expenses When Subject to "Hours of Service" Limits

Special rules for deducting business-related meal expenses.


New Forms to Adjust Employment Tax Returns

There are several new forms for adjusting employment tax returns.


Nonqualified Deferred Compensation Plans

There are new regulations on reporting requirements for amounts deferred under a nonqualified deferred compensation plan.


Original Issue Discount (OID)Tables

Contains latest version of OID tables. Prior year tables are also available.


Partial Exclusion Increased for Gain From Certain Small Business Stock

Exclusion of gain from the sale of qualifying small business stock is increased.


Penalty for Late Filing of a Partnership Return

The late filing penalty has changed for certain late filed partnership returns.


Penalty for Late Filing of an S Corporation Return

The late filing penalty has increased for certain late filed S-corporation returns.


Qualified Transportation Fringe Benefits

Monthly exclusion amounts have increased.


S Corporation Built-in Gains Tax

There is no tax imposed on the net recognized built-in gain for a certain period.


Self-Employment Tax

The maximum amount of net earnings subject to the social security part of the self-employment tax has increased.


Social Security and Medicare Taxes

The maximum amount of wages subject to the social security tax and Medicare tax has increased.


Standard Mileage Rate

The standard mileage rate for business use of your vehicle, medical and move- related use and charitable use has decreased for 2009.


Vehicle Credits

Information on new alternative motor vehicle credits.


Work Opportunity Credit

A targeted group employee now includes certain unemployed veterans and disconnected youth.

For more information on any of these click on the link below under Tax Information.