Most of the uncertainty local tax planners and their clients had earlier this year has gone away after President Obama and congressional Republicans reached a tax compromise earlier this week.
And, tax planners said, if the compromise passes the House and Senate, businesses should benefit.
"This is basically what we were waiting for," said Lori Davis, Wichita managing partner for accounting and auditing firm Grant Thornton. "It's basically extending the Bush tax cuts through 2011."
The compromise is expected to keep the capital gains tax rate at 15 percent, extend the research tax credit and provide for full expensing of property placed in service before Sept. 8.
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It also calls for a payroll tax "holiday," which would reduce an employee's share of federal withholding taxes by 2 percentage points for 2011.
"The nice thing I like about it is it's for all wage earners," said Greg Sevier, managing partner of accounting firm Peterson, Peterson & Goss. "Here again, it puts money in consumers' pockets. That, hopefully, will stimulate the economy" as they purchase goods and services with the extra income.
Without the compromise, many taxes would have reverted to higher rates in place before the so-called "Bush tax cuts" in 2001.
"From a client standpoint, I think that Washington understands... this is not a time for tax increases, when the economy is still struggling," Sevier said.
Davis and Sevier said a part of the compromise that is a "pretty big deal" is the holding of the estate tax rate for 2011 and 2012. Under the compromise, the estate tax rate would remain at 35 percent and an estate of $5 million or less would be exempt from the estate tax.
"It's good," Davis said. "It's really good."
"I think we can start to tax plan now, which we haven't had that ability for several months," Sevier said.
Steve Criser, a partner at accounting firm Criser, Gough & Parrish, said a lot of his small-business clients already have made tax-planning decisions based on the idea that tax rates were going to revert to their earlier, higher levels.
"I believe it's a positive for small business... in the short term," Criser said.
Longer term, Criser said, he worries about the impact of mounting national debt on small business, specifically higher interest rates on borrowing.
"In the long term, it's really up in the air as to whether this is positive or not," he said.