Please ensure Javascript is enabled for purposes of website accessibility
September 21, 2023

Top 10 Tax Changes to Know Now

In March 2010, the President approved two huge pieces of tax legislation: the Hiring Incentives to Restore Employment Act and the Patient Protection and Affordable Care Act. Numerous tax provisions from these two bills take effect over the next several years. Will you be able to identify the tax changes that may impact your clients’ tax returns? Here’s a quick list of the things you will want to be familiar with.


1. Tax timeline in the health care reform act—when each provision takes effect. These are major tax changes spread over the next 8 years!

2. The additional Medicare Tax on unearned income and wages found in the new Health Bill (the hottest tax topic of the year)

3. How the Gillet case affects the tax return of a same-sex couple. Is filing “Married Filing Joint” permitted?

4. The 5 tests for qualifying a child as a dependent and who can claim the child after a divorce.

5. The new rules for basis reporting starting in 2011 (Form 1099-B).

6. Cancellation of debt (and exceptions to COD Income (Section 108).

7. The myriad adjustments to gross income such as health savings accounts and prepaid tuition accounts.

8. Changes to itemized deductions including the new charitable contribution rules, the home mortgage rules and medical expenses.

9. Features and effective dates for the American Opportunity Tax Credit (Hope Credit) and the Lifetime Learning Credit.

10. The over 60 provisions that expire at the end of 2010; Ordinary income tax rates, capital gains rates, EIC, child tax credit, dependent care credit, limit on itemized deductions and exemptions, etc. will all revert to 2001 law.

Need help pulling all the information together? Get the details on these and other issues related to individual income taxes in Part 1 of CPE Link’s Federal Tax Update webcasts scheduled November-January. Course includes 120 page downloadable manual containing hyperlinks to applicable code sections.

In March 2010, the President approved two huge pieces of tax legislation: the Hiring Incentives to Restore Employment Act and the Patient Protection and Affordable Care Act. Numerous tax provisions from these two bills take effect over the next several years. Will you be able to identify the tax changes that may impact your clients’ tax returns? Here’s a quick list of the things you will want to be familiar with.


1. Tax timeline in the health care reform act—when each provision takes effect. These are major tax changes spread over the next 8 years!

2. The additional Medicare Tax on unearned income and wages found in the new Health Bill (the hottest tax topic of the year)

3. How the Gillet case affects the tax return of a same-sex couple. Is filing “Married Filing Joint” permitted?

4. The 5 tests for qualifying a child as a dependent and who can claim the child after a divorce.

5. The new rules for basis reporting starting in 2011 (Form 1099-B).

6. Cancellation of debt (and exceptions to COD Income (Section 108).

7. The myriad adjustments to gross income such as health savings accounts and prepaid tuition accounts.

8. Changes to itemized deductions including the new charitable contribution rules, the home mortgage rules and medical expenses.

9. Features and effective dates for the American Opportunity Tax Credit (Hope Credit) and the Lifetime Learning Credit.

10. The over 60 provisions that expire at the end of 2010; Ordinary income tax rates, capital gains rates, EIC, child tax credit, dependent care credit, limit on itemized deductions and exemptions, etc. will all revert to 2001 law.

Need help pulling all the information together? Get the details on these and other issues related to individual income taxes in Part 1 of CPE Link’s Federal Tax Update webcasts scheduled November-January. Course includes 120 page downloadable manual containing hyperlinks to applicable code sections.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Internal Revenue Building Sign in Washington DC

The IRS Has Stopped Processing ERC Claims Because ERC Mills Are Scamming the F*ck Out of Them

The IRS announced today that it has issued an immediate moratorium on processing new employee retention credit claims at least through the end of the year. The agency cited “rising concerns about a flood of improper Employee Retention Credit claims,” driven by “aggressive promoters,” as the reason for closing the door on ERC claims. IRS: […]

an empty office to represent talent shortage

Research: The Talent Shortage is Starting to Take Its Pound of Flesh From Corporate Tax Departments

This morning, Thomson Reuters released new research that reveals both corporate tax and global trade departments state they are under-resourced for technology and talent. This, naturally, is increasing risk in the form of penalties and audits. The latest research piggybacks a bit on what was revealed in their Future of Professions report released last month. […]