Recent News

February 27, 2009

Key Changes and Benefits of the 2009 Tax Act

The American Recovery & Reinvestment Act of 2009 was signed into law on February 17, 2009. The 2009 Tax Act contains many tax benefits for both individual and business taxpayers. These new benefits, extensions and credits were implemented to spawn economic growth and to assist financially troubled taxpayers. The media attention related to the passage of the 2009 Tax Act largely focused on the key provisions for individual taxpayers. In addition to these individual tax breaks, the Act also contains many tax credits, incentives and breaks for businesses. Some of the new tax breaks for businesses include a longer NOL carryback for some small businesses, extended bonus depreciation, increased expensing under Internal Revenue Code §179, estimated tax payment relief , and deferral of debt forgiveness income on debt repurchases.

The Business Tax Committee is pleased to have its co-chairs, Katherine R. Herron of Terrence A. Grady & Associates and Necol Russell-Washington, Carlile Patchen & Murphy, discuss and highlight some of the key changes and benefits of the new tax act implemented for business taxpayers. Ms. Herron and Ms. Russell-Washington will focus their presentation on the key incentives, extensions, and credits implemented for your business taxpayer clients while also providing highlights on the key individual provisions and the energy related credits. Don’t miss this CLE program, March 11, on the substance of this Act and how it may benefit your clients.

This meeting can be audited by members for no CLE credit. Those who wish to obtain 1.0 hour of CLE credit for attendance should register online or call 614/221.4112 for event #TX090311. Member cost is $35 prepaid/$40 day-of, non-member cost is $50 prepaid/$55 day-of, and non-attorney cost is $25 prepaid/$30 day-of.