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The Temporary Payroll Tax Cut Continuation Act of 2011
December 20, 2011
On December 23rd, 2011, Congress passed H.R. 3765, otherwise known as the Temporary Payroll Tax Cut Continuation Act of 2011, (The “TTCA”). The TTCA provides for a two-month extension of a payroll tax cut in place for 2011 and an extension of a lower tax rate on self-employment income. If you are still reading my blog post at this point, I will assume you have some background knowledge of the TTCA and its effects. There are already a number of articles written on the subject which I do not need to rehash here. Instead, I want to point you toward the actual legislative language of H.R. 3765 (read here). I have also included the Joint Committee on Taxation’s explanation of the revenue provision contained in the legislation (read here). Enjoy and Happy Holidays! Alex