Tax Planning Ideas to Implement Before the End of the Year

OAK BROOK, Ill., Dec. 8, 2010 /PRNewswire/ -- Tax planning may be particularly difficult this year due to the uncertainty surrounding many federal tax policy issues. Despite this, a number of tax-planning strategies can still be implemented before the end of the year. To help businesses and individuals determine their proper strategy, Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., has released its 2010 Year-End Tax-Planning Guide.

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According to Lou Miller, the partner who leads Crowe's National Tax Office, much of this uncertainty stems from whether the multiple tax reductions enacted by the Economic Growth and Tax Relief Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) will sunset as scheduled on Dec. 31, 2010.

"Even though tax cuts and other provisions are being debated in Congress, now is the time to make sure you're taking advantage of all possible deductions and incentives, particularly those that will expire at the end of the year," added Miller.

For businesses, the Crowe Year-End Tax-Planning Guide offers insight on the following topics:

• Dividend planning;
• S-corporation built-in gains period;
• Domestic production activities deduction;
• Restructuring debt to take advantage of income deferral;
• Bonus depreciation;
• Expanded small business expensing;
• Cell phones as listed property;
• Tax planning – accounting methods;
• New tax reporting requirements;
• Deferred compensation plans; and
• State and local tax issues.

For individuals, the guide looks at:

• Deferral/acceleration of income/expense;
• Capital gains planning;
• Investment in small business stock;
• Roth IRA conversion opportunity;
• Accelerated AMT credits relief;
• New foreign bank account reporting requirements; and
• Estate tax planning.

To download the guide, please visit http://www.crowehorwath.com/Crowe/Insights/detail.cfm?id=2841. For the most up-to-date information on current tax legislation, please visit www.crowehorwath.com/taxblog.  

About Crowe Horwath

Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe assists public and private company clients in reaching their goals through audit, tax, advisory, risk and performance services. With 26 offices and 2,400 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest networks in the world, consisting of more than 140 independent accounting and management consulting firms with offices in more than 400 cities around the world.

SOURCE Crowe Horwath LLP