Working Families Tax Relief Act of 2004 extends many expiring individual, business-related provisions.

Several expiring tax provisions affecting individuals and businesses were extended when the Working Families Tax Relief Act of 2004 was signed into law by President Bush in Oct. In addition, the legislation includes a "uniform definition of child" provision that the AICPA and others had long sought in an effort to simplify the tax code. It also makes "technical" corrections to tax legislation as far back as the Small Business Jobs Protection Act of 1996.

One important business-related provision is the retroactive (and reportedly "seamless") extension of the research and development credit that expired June 30. Others include enhanced deductions for...