{"id":364,"date":"2011-04-15T10:10:12","date_gmt":"2011-04-15T17:10:12","guid":{"rendered":"https:\/\/cmcdllc.com\/?p=364"},"modified":"2021-06-14T17:47:02","modified_gmt":"2021-06-15T00:47:02","slug":"dec-2010-cmcd","status":"publish","type":"post","link":"https:\/\/cmcdllc.com\/?p=364","title":{"rendered":"DEC 2010 CMCD"},"content":{"rendered":"<p><strong>HIGHLIGHTS OF SMALL BUSINESS JOBS ACT 2010 (CONT\u2019D)<\/strong><\/p>\n<p><strong>EXTENDED CARRYBACK OF GENERAL BUSINESS CREDIT<\/strong><br \/>\nThe new law extends the carryback period of for<br \/>\neligible small business credits to five years.<br \/>\nEligible small business credits are the sum of the<br \/>\ngeneral business credits determined for the tax<br \/>\nyear with respect to an eligible small business.<br \/>\nThe extended carryback provision is effective for<br \/>\ncredits determined in the taxpayer\u2019s first tax year<br \/>\nbeginning after December 31, 2009.<\/p>\n<p><strong>QUALIFIED SMALL BUSINESS STOCK<\/strong><br \/>\nThe act amends IRC \u00a7 1202 to increase the<br \/>\nexclusion from gross income of gain from the<br \/>\nsale or exchange of qualified small business<br \/>\nstock from 50% to 100%, and the minimum tax<br \/>\npreference does not apply.<br \/>\nThis provision applies to eligible stock acquired<br \/>\nafter Sept. 27, 2010, and before Jan. 1, 2011.<\/p>\n<p><strong>START-UP EXPENSE DEDUCTION<\/strong><br \/>\nThe act increases the IRC \u00a7 195 deduction for<br \/>\ntrade or business startup expenses from<br \/>\n$5,000 to $10,000 for tax years beginning in<br \/>\n2010. The start of the limitation on the<br \/>\ndeduction is increased from $50,000 to<br \/>\n$60,000.<br \/>\nSo for 2010 the amount of the deduction is the<br \/>\nlesser of (1) the amount of the startup<br \/>\nexpenses or (2) $10,000, reduced (but not<br \/>\nbelow zero) by the amount by which the startup<br \/>\nexpenditures exceed $60,000.<\/p>\n<p><strong>401(K) ROLLOVERS TO ROTH ACCOUNTS<\/strong><br \/>\nThe act also allows rollovers from elective deferral<br \/>\nplans to Roth-designated accounts. If a section<br \/>\n401(k) plan, section 403(b) plan or governmental<br \/>\nsection 457(b) plan has a qualified designated<br \/>\nRoth contribution program, a distribution to an<br \/>\nemployee (or a surviving spouse) from an account<br \/>\nunder the plan that is not a designated Roth<br \/>\naccount is permitted to be rolled over into a<br \/>\ndesignated Roth account under the plan for the<br \/>\nindividual. This provision is effective for<br \/>\ndistributions made after Sept. 27, 2010.<br \/>\nIf the amount is rolled over in 2010, the amount is<br \/>\nuncluded ratably in income in equal amounts over<br \/>\n2011 and 2012, unless the taxpayer elects<br \/>\notherwise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HIGHLIGHTS OF SMALL BUSINESS JOBS ACT 2010 (CONT\u2019D) EXTENDED CARRYBACK OF GENERAL BUSINESS CREDIT The new law extends the carryback period of for eligible small business credits to five years. Eligible small business credits are the sum of the general business credits determined for the tax year with respect to an eligible small business. The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/364"}],"collection":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=364"}],"version-history":[{"count":3,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/364\/revisions"}],"predecessor-version":[{"id":366,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/364\/revisions\/366"}],"wp:attachment":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}