October 2004
October 2004
With the Working Families Tax Relief Act of 2004 (WFTRA) and the American Jobs Creation Act of 2004 (AJCA), Congress and the President continue to build on the economic stimulus provisions previously enacted while addressing some new revenue-raising provisions. The Working Families Tax Relief Act, signed into law on Oct. 4, 2004, provides 146 billion in tax breaks, primarily by extending many of the provisions enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Expiring provisions given a reprieve include:
The American Jobs Creation Act became law on Oct. 22, 2004, and provides another 145 billion in tax relief. However, unlike WFTRA, the cost of this tax relief has been effectively offset by a series of new revenue raisers. Therefore, at least in theory, the AJCA should not increase the federal deficit. Although originally intended to repeal the portion of the tax code that had applied sanctions on American manufacturers and farmers, the final bill has been expanded to include the most far-reaching cuts in years. Benefits of the AJCA should appeal to both individuals and business entities. Provisions include:
This special edition of Federal Tax Watch provides a basic overview of the tax changes and extensions most likely to affect you. Contact our professionals today for answers to your questions about the new tax acts. Our firm can show you how you may benefit from these new laws.
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The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.
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