Introduction
The Tax Increase Prevention and Reconciliation Act of 2005 (the Act) was signed into law on May 17, 2006 by President Bush. The new law affects a wide variety of taxpayers, including individuals and corporations.
The Tax Increase Prevention and Reconciliation Act of 2005 (the Act) was signed into law on May 17, 2006 by President Bush. The new law affects a wide variety of taxpayers, including individuals and corporations. It contains $90 billion in tax benefits that retroactively extend a number of existing tax credits and provide several new tax breaks. It also contains $20 billion in new revenue-raising legislation, thereby resulting in $70 billion in net tax cuts. This article discusses some key provisions contained in the Act that will affect attorneys, their firms and their employees.
Introduction
The Tax Increase Prevention and Reconciliation Act of 2005 (the Act) was signed into law on May 17, 2006 by President Bush. The new law affects a wide variety of taxpayers, including individuals and corporations.
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