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Highlights of Recently Enacted Tax Laws for Law Firms, Clients, Lawyers, and Staff

By Richard H. Stieglitz and Michael G. Freel
July 31, 2007

This article addresses two significant changes made by the Small Business and Work Opportunity Tax Act of 2007 ('Small Business Act') ' the new preparer penalty provisions (up to 50% of the fee for preparing the tax return), which have broad implications for attorneys who offer tax advice to their clients and the revised kiddie tax provisions, which now reach a substantially larger group of children. This article also details pertinent changes made by the Tax Relief and Health Care Act of 2006 ('TRHCA'), which extend the time for several tax cuts that had expired at the end of 2005, make certain tax breaks more beneficial, and provide greater flexibility regarding health savings accounts. Noteworthy new TRHCA provisions are highlighted that can benefit law firms and their clients, as well as individual attorneys and staff members and their families.

Since Form 1040 paper forms had already been printed when TRHCA was enacted, a few special instructions are noted for those filing on paper versus electronically.

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