Under new IRS regulations, beginning with the 2011 tax year, financial institutions must report to the IRS on clients' Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) not only gross proceeds of sales but also the adjusted cost basis for stock sold and whether the related gain or loss is long-term or short-term. The new cost basis reporting regulations implement key provisions of the Emergency Economic Stabilization Act of 2008 that apply to institutions that issue IRS Form 1099-B.
Taxpayers have until April 18, 2011 to file 2010 Form 1040s. That's a few extra days. April 15 falls on a Friday and its Emancipation Day in the District of Columbia. Pennsylvania Form PA-40 is due on April 15.
With the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act), Congress retroactively reinstated the ability of taxpayers to make direct qualified charitable distributions (QCDs) from an IRA, in amounts up to $100,000, by IRA owners who are at least age 70½ years of age. You have until January 31, 2011 to make a QCD for 2010.
We finally have tax legislation that answers the question of what will happen to the estate tax. The "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010" ("2010 Tax Relief Act" or "Act") was signed into law on December 17 by President Obama. (For a detialed decription see They Call it a Tax Cut Part 1 and Part 2.) Now what?