Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
On Dec. 16, 2010, Congress passed -- and on Dec. 17, 2010, the president signed into law -- the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the act). The act extends the so-called "Bush-era tax cuts" until the end of December 2012. The act affects various areas of federal taxes, including but not limited to income, transfer and payroll taxes. Unfortunately, all of the provisions of this new tax law are only effective for two years.