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Changes in Estate Tax Laws
Because Congress failed to act by the end of last year, we must advise you of several changes to the estate, gift and generation skipping transfer tax laws that may impact your current estate plan. We joined the tax and estate planning communities in our thinking that Congress would indeed act to avoid the confusion that these changes have caused.
A new tax relief law allows people who contributed in 2010 to charities providing earthquake relief in Haiti to take a tax deduction for the contribution on their 2009 tax return instead of their 2010 return. This means you can receive an immediate tax benefit, rather than having to wait until you file next year's return.
Recordkeeping and Travel and Entertainment Deductions
A first step in avoiding costly hassles with the IRS is identifying potential problem areas. As a recent government report confirmed, one frequent source of audit conflict between the IRS and small businesses is the documentation of travel and entertainment expenses.