Tidbits in the Law – January 2011

January 2011

The following are items that we thought might interest you:

…The new tax law, called The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, provided a number of changes to deductions for small business owners, college students and teachers. As a result, it may be mid to late February for the IRS to be able to accept and process income tax returns for filers taking deductions based upon the new law. The Schedule A for itemized deductions will be affected.

…A new Illinois law was signed by Governor Quinn mid-2010, which is effective January 1, 2011, which eliminates the requirement of filing at the county level many corporation documents that were filed with the Illinois Secretary of State, which created a certain amount of redundancy. Some of the documents that once filed with the Illinois Secretary of State will no longer be required to file with the county of the corporation’s residence are:

  • Copy of application for an assumed name;
  • Copy of certificate of administrative dissolution issued by Secretary of State;
  • A certified copy of a court order of dissolution;
  • A certified copy of the change of address for a registered agent, which changes the registered agent from one county to another.

…The 2010 Health Care Reconcilation Act, the health care reform bill, imposes a new tax of 3.8% on the sale of real estate for certain individuals, as it imposes a Medicare tax on individuals, estates and trusts for unearned income other than pension distributions. If Congress does not change this act, this tax applies to taxable years beginning after December 31, 2012.