PROXUS Alert

December 20, 2010


In this Issue
TaxReliefPROXUS Prepared to Handle Tax Relief Act 2010 Changes
Just before midnight on Dec. 16, the U.S. House of Representatives passed H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act of 2010), one day after it was approved by the Senate. President Barack Obama signed the bill into law, continuing the Bush-era tax rates - which were set to expire on Dec. 31, 2010 - for an additional two years, through Dec. 31, 2012.

The law will also reduce the social security tax rate paid by employees from 6.2 percent to 4.2 percent for wages paid in 2011 and continue several expiring payroll-related tax breaks, including non-job-related employer-provided educational assistance, adoption assistance, qualified mass transit and van pool benefit parity with employer-provided parking, and the Work Opportunity Tax Credit.  For more details click here...

 

MileageIRS PUBLISHES STANDARD MILEAGE RATES FOR 2011

The 2011 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes were released Dec. 3 by the Internal Revenue Service. The rates for business, medical, and moving rose while the rate for charitable groups was unchanged. For more details click here...




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