2010 Small Business Jobs Act Summary

Congress passed a small business jobs bill (the Small Business Jobs Act of 2010) with valuable individual and business tax incentives.  Many of the $12 billion tax incentives are temporary so taxpayers have only a short window in which to take advantage of them.  Others are permanent but require careful planning to maximize your tax benefits.  This summary highlights some of the tax incentives and revenue raisers in the new law.

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Two Changes Affecting Payroll Deposits And Filing For 2011:

Federal Payroll Tax Deposits.  Beginning January 1, 2011, if you are currently making your Federal payroll tax deposit by taking it to an authorized bank, you will no longer be able to use a paper coupon. 

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Mandatory E-Filing Of Individual Income Tax Returns

Due to an e-file requirement for paid tax return preparers approved by Congress in 2009, beginning January 1, 2011, Dunlap & Associates, P.C. - as a paid tax return preparer - is required to file all income tax returns for individuals, trusts and estates, electronically. 

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Pennsylvania Withholding Tax Change Effective June 1, 2010

Effective June 1, 2010, employers that withhold $20,000 or more annually from employee compensation (equates to annual wages of around $650,000) are required to remit those taxes to the Department of Revenue pursuant to a semiweekly schedule.

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