Congress recently passed the Small Business Jobs Act, which will have a big impact on independent retailers. The new law specifically addresses both benefits and tax issues that will affect retailers, especially in areas of depreciation and capital gains taxes. Among the highlights the new law:
- Ends the requirement that cell phones meet certain heightened substantiation and depreciation rules
- Provides that a plan that includes a designated Roth program is permitted but not required to allow employees (and surviving spouses) to make the rollover contribution described above to a designated Roth account.
- Temporarily puts in place for the rest of 2010 a provision that eliminates capital gains taxes on investments held for at least five years.
For a more in-depth look at the law, click HERE.