Complete Analysis of the Working Families Tax Relief Act of 2004 Available

RIA, a Thomson business and the premier provider of technology and information to tax professionals in accounting firms, corporations, law firms and the public sector, announces the availability of RIA’s Complete Analysis of the Working Families Tax Relief Act of 2004 on Checkpoint, the integrated solution for online tax and accounting information.

The Working Families Tax Relief Act of 2004, about to be signed into law, includes a number of tax breaks for individuals and their families, as well as business. RIA’s Complete Analysis, the first comprehensive explanation of this new law, helps tax and accounting professionals identify and assist clients impacted by these changes.

The Act, which grew out of an effort to defer scheduled reductions in tax breaks for individuals, turned into a robust extenders and simplification package. It includes “middle class” and marriage penalty relief, a number of extended tax breaks for business (some retroactively resuscitated), Code simplification through a uniform definition of a qualifying child, and a number of technical corrections.

RIA’s Complete Analysis of the Working Families Tax Relief Act of 2004 includes amended Code sections and Committee Reports, along with a complete Index and finding tables for easy navigation through the Analysis, the Committee Reports, the Code as Amended, Act Sections, including Act Sections not amending Code.

The Complete Analysis covers all of the provisions of the Act, including:

  • Child Credit Stays at $1,000 for 2005—2009
  • Full Marriage Penalty Relief in 2005—2008 for Basic Standard Deduction
  • Full Marriage Penalty Relief in 2005—2007 for 15% Bracket
  • No Rollback in 2005 AMT Exemption for Individuals
  • Uniform Definition of Child
  • Work Opportunity Tax Credit and Welfare-to-Work Credit Extended Through 2005

The Act also includes a number of specialized tax changes, including:

  • New York Liberty Zone Bonds
  • District of Columbia Enterprise Zone; first-time homebuyer credit
  • Combined federal and state employment tax reporting
  • Indian employment tax credit
  • Accelerated depreciation for business property on Indian reservations
  • Disclosures relating to terrorist activities

For more information on the Complete Analysis of the Working Families Tax Relief Act of 2004 on Checkpoint, visit RIA online at or call 1-800-950-1216.

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