|PROXUS Prepared to Handle Tax Relief Act 2010 Changes
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.
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...
IRS PUBLISHES STANDARD MILEAGE RATES FOR 2011
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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