Federal tax relief act creates unexpected benefits by Timothy M. Steffen, CPA, CFP, financial and estate planning manager for Robert W. Baird & Co.’s Private Wealth Management group.
After a year of speculation as to how Congress would address the looming expiration of the 2001 and 2003 tax cuts, the answer finally came during the last week of the 2010 legislative session. The Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 contains changes impacting both the 2010 tax year (extension of several previously expired provisions) and the next two years (extension of the tax cuts expiring after 2010), as well as several unanticipated items in the estate tax arena.
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