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
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.