The American Jobs Creation Act of 2004, at least in terms of the tonnage it adds to the Internal Revenue Code, is one of the biggest tax laws to come along since the 1986 Tax Reform Act. Some contend that it has no rival in terms of complexity.Its main focus is on business and, within that focus, many provisions require quick decisions to be made. Add to these deadlines the fact that another tax year is about to close for most taxpayers and the immediacy of this new law becomes even more urgent.
Last month we presented a column on year-end tax planning for 2004, fairly confident that Congress would not reach agreement on the Jobs bill at least before breaking for the November elections. This column updates year-end planning in light of the AJCA. We do so again with the advice that subsequent events - this time in particular the outcome of the presidential and congressional elections - will continue to remain important variables that should be considered in any tax planning.
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