Tax & Business Planning e-Alert

Tax and Business Planning Attorneys

William J. Sanders
Practice Area Chair

David N. Zimmerman
Practice Area Vice-Chair

  Christopher S. Abrams
J. Michael Cornett
John F. Crawford
Carl R. Desenberg
Erik R. Edwards
Steven H. Goodman
Virginia C. Gross
D. Scott Lindstrom
S. Patrick O'Bryan
William B. Prugh
Thomas J. Schenkelberg
J. Harlan Stamper
Tommy W. Taylor


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November 2010


Polsinelli Shughart PC

Tax and Business Planning Alert:

Year-End Tax Considerations


The Tax and Business Planning group provides these e-Alerts periodically to keep our clients, taxpayers and businesses updated on recently adopted legislation and key changes in tax laws. In this edition of Tax News Alert we discuss the following incentives:

In addition, anticipated congressional action on tax extenders, estate tax, and other legislation are briefly discussed. We will cover finalized legislation passed before the end of the year or beginning of 2011 in a future e-Alert as it is enacted. Please watch your inbox for further developments. Also, a brief review of the IRS Fast Tract Program is enclosed.

To preview the entire edition of our Tax News Alert, click here.



Year-End Tax Planning

As the 2010 tax year winds down there is still time to reduce this year’s tax bill, and plan for the 2011 tax year. Congress now has little time to enact new legislation to change the expiring tax cuts (see Upcoming Legislation discussion below), year-end planning, such as shifting income and deductions between this tax year and the next, may have more impact than ever on maximizing your tax savings. Follow the link for year-end tax savings tips. These examples vary with the taxpayer. If you would like to discuss any of the examples, or other possible actions, please contact us.

Read more

Small Business Jobs and Credit Act Of 2010

The Small Business Jobs and Credit Act of 2010 (the Act), signed into law on September 27, 2010, contains a number of valuable tax breaks. Two of the Act’s biggest incentives are extended and improved rules for depreciation expenses.

Read more

President Signs "Plain Writing Act of 2010"

In good news for taxpayers, the President signed into law the Plain Writing Act of 2010 on October 13, 2010. The Act requires all federal agencies, including the IRS, to write their rules and notices so that the intended audience (i.e. taxpayers) can clearly understand them. Some critics of the new law have stated that the new requirements may be difficult or impossible to enforce. Time will tell.

Upcoming Legislation

Congress is scheduled to return to Washington on November 15 after the midterm election recess. Congress has a lot on its plate, including expiring tax cuts, alternative minimum tax patch and other tax extenders, carried interest legislation and estate tax.

Read more

IRS Fast Track Settlements

Polsinelli Shughart attorneys in Phoenix and Kansas City recently worked together on an innovative IRS mediation procedure. The IRS Fast Track Settlement, a process for prompt resolution of business tax issues, formerly was used only for very large tax cases.

Read more


To preview the entire edition of our Tax News Alert, click here.


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About Polsinelli Shughart PC

With more than 500 attorneys, Polsinelli Shughart PC is a national law firm that is a recognized leader in the areas of business law, financial services, real estate and business litigation. Serving corporate, institutional and individual clients, Polsinelli Shughart is redefining the business of law by sharing ideas, goals and outcomes with its clients. The firm builds enduring relationships by creating value beyond legal services – with passion, ingenuity and a sense of urgency. The firm can be found online at

With offices in Kansas City, St. Louis, Chicago, Denver, Phoenix, Washington DC, New York, Wilmington DE, Overland Park, St. Joseph, Springfield, Jefferson City, Topeka, Edwardsville


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Polsinelli Shughart PC provides this material for informational purposes only. The material provided herein is general and is not intended to be legal advice. Nothing herein should be relied upon or used without consulting a lawyer to consider your specific circumstances, possible changes to applicable laws, rules and regulations and other legal issues. Receipt of this material does not establish an attorney-client relationship.

The following legend is affixed pursuant to U.S. Treasury Regulations governing tax practice. Any U.S. Federal tax advice contained in this communication (whether distributed by mail, e-mail, fax, or other means) is not intended or written to be used, and cannot be used, by any person for the purposes of (1) avoiding U.S. Federal tax penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended, or (2) promoting, marketing or recommending to another party any tax-related matter addressed herein, whether an entity, investment plan or other transaction.

Polsinelli Shughart is very proud of the results we obtain for our clients, but you should know that past results do not guarantee future results; that every case is different and must be judged on its own merits; and that the choice of a lawyer is an important decision and should not be based solely upon advertisements.

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