Short Term Provisions of Small Business Jobs Act 

Dear Financial Leader,

Year end is quickly approaching and some provisions of the Small Business Jobs Act will expire on December 31, 2010.  Since the Act was signed on September 27, businesses have had access to enhanced credit, lower fees and increased deductions.  Businesses need to move quickly to take full advantage of the short term provisions of the Act. I want to provide you with important information that will help your business achieve the highest benefit for the 2010 calendar year.  The AICPA’s Business Brief, “Short Term Provisions of Small Business Jobs Act,” explains taxable income exclusions, bonus depreciation, health insurance deductions and increased lending opportunities which are only available through year end.
In this Business Brief you will find more details about:

• 100 Percent Taxable Gain Exclusion on Future Sale of Small Business Stock
• 50 Percent Bonus Depreciation
• Self Employed Individuals’ Health Insurance
• Small Business Loan Amounts and Guarantee Percentages
• Loan Fee Reductions
• Temporary Express Loan Enhancement

The AICPA works diligently to provide financial executives with timely and relevant business and industry information.  We are preparing additional detailed briefs on measures available in 2011 and future years.  Meanwhile, watch for further articles in the our Small Business Relief webpage, as well as future issues of  AICPA News Update, CPA Letter Daily and Journal of Accountancy,for this and other important information affecting our profession.