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September 26, 2010

US legislation increases tax work for small firms

Tax planning demand is tipped to soar in the US following the passage of the Small Business Jobs and Credit Act of 2010 through Congress this month.

The rules should benefit firms who service SMEs who provide services on:

  • the timing of a sale of small business stock;
  • planning the acquisitions of new equipment to take advantage of the expanded depreciation provisions; and,
  • planning the start of a new business that takes advantage of increased deductions for start-up expenses.

The legislation is expected to create a $30 billion lending fund which utilises community banks as a channel to increase lending to small businesses.

 

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