News this week includes Senate approval of the Small Business Jobs Act of 2010, which includes expanded access to Roth accounts.
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Top news
Small business act. The big news this week was that the Small Business Jobs Act of 2010 received the 60 votes it needed in the Senate. Indications are that the House of Representatives will pass the Senate version of the bill rather than make further changes that would require another approval in the Senate. This means final passage of the bill is all but assured. We’ll be writing about provisions in the coming days.
Roth expansion. As we reported in June, this law includes provisions expanding the availability of Roth accounts. This provision isn’t related to the small business tax breaks, but is included as a revenue raiser (more Roth conversions would mean more taxes collected in the short term).
Estates. If you deal with estates, you may want to note a possible change in the treatment of assets inherited from decedents dying in 2010.
Features
Stock options. We published a piece explaining how to analyze the issue of whether to exercise stock options before the end of 2010, in anticipation of higher tax rates in later years. This article drew some interesting comments from readers.
Useful or interesting
Tempus fugit. The deadline to close on a home purchase that qualifies for the homebuyer credit is September 30.
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