Marcum LLP
BLOG
Home | Offices | (855) MARCUM1

Insights & Alerts
As Seen In
Press Releases
Events
Publications
The Marcum Advisor
Beyond the Numbers
SEC Insights
Forensic Files
Private Investment Forum
International Tax

Beyond The Numbers September - October 2011

President Introduces American Jobs Act
By Diane Giordano, Partner, Tax & Business Services

President Introduces American Jobs Act
The President unveiled the American Jobs Act, which calls for tax cuts, hiring incentives and infrastructure spending to help jump-start the economy.

The Act will be paid for by limiting deductions for high income taxpayers, among other offsets.

The Act, which has been sent to Congress, includes some of the following tax provisions:  

  • Reduction of employee-share OASDI from 6.2% to 3.2% for year 2012
  • For certain employers, the employer share of OASDI will also drop to 3.1% on the first $5 million of wages
  • Provides for a 100% payroll tax credit in cases of payroll growth up to $50 million from the prior year
  • Tax credit for employers hiring long term unemployed individuals
  • Expand the Work Opportunity Tax Credit
  • Tax credits to encourage employers to hire military veterans
  • The extension of 100% bonus depreciation for 2012

     

    Some revenue raisers in the Act include:

    • Proposal to further limit itemized deductions
    • Taxation of carried interest as ordinary income
    • Repeal of oil and gas preference items
    • Change in the depreciable life of corporate jets

    As Congress reviews these provisions and the Act becomes final, Marcum LLP will keep you updated. Should you have any questions on the above provisions, consult your Marcum LLP tax professional.

    •  

    Go Back
    WHAT'S INSIDE
    Common Insurance Mistakes We All Make
    President Introduces American Jobs Act
    Uncertain Tax Positions for Flow Through Entities – Impact of Non-Income Based State Taxes
    Thinking of Mixing Business and Pleasure?
    Social Media

     

    Resources
    Need a quote for a story? Working on an article and need a resource?
    Please use the information below:

    Firm Standards
    Management
    Contact Us

    Request More Information
    Chris Pelosi
    Director of Online Marketing
    chris.pelosi@marcumllp.com

     

     
    Privacy | Legal | Sitemap | Secure Mail