On December 17th, the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act). The 2010 Tax Relief Act extends the Bush-era tax cuts for two years, includes estate tax relief, a two-year "patch" of the alternative minimum tax (AMT), a two percentage point cut in employee-paid payroll taxes and self-employment tax for 2011, new incentives to invest in machinery and equipment, and many retroactively resuscitated and extended tax breaks for individuals and businesses. With its enactment, the Tax Relief Act changes the tax planning landscape for 2010, 2011 and 2012, and you should seek tax advice as quickly as possible to make sure your 2011 planning is properly executed.  Read more about the Act.