On September 27, 2010, the president signed into law the Small Business Jobs Act of 2010. The act contains $12 billion in tax cuts for businesses, small and large.
Key tax provisions include:
To help pay for the tax cuts there is a new reporting requirement for those who own rental property. They must report payments of $600 or more in the year to service providers, such as plumbers, painters, and accountants.
Source: H.R. 5297
Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.