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Top Five Year-End Tax Tips For U.S. Corporations
Thomson Reuters tax analyst explains options based on possible legislative actions
End-of-year tax planning for corporations is especially difficult for 2012 because many significant tax provisions will expire at the end of the year and it is not clear what Congress intends to do.
Important rules expired at the end of 2011, including the business research credit, and others will expire at the end of 2012, including the bonus depreciation allowance, expensing allowance, and Bush-era tax cuts. Congress could retroactively extend the rules that have already expired and extend those that are about to expire at the end of this year, or it could pick and choose which of these provisions will continue.
"The lack of certainty makes year-end planning more challenging," said Marian Rosenberg, a senior tax analyst for Thomson Reuters, "however, there are steps businesses can take before the end of the year to lock in low tax rates for shareholders, avail themselves of the work opportunity tax credit, and secure generous depreciation and expense deductions."
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