There are lots of expiring business provisions in the Code if no changes occur.
The accumulated earnings tax rates will increase to 39.6% for corporations. The R&D credit expires. The New Markets credit expires. The Work Opportunity Credit expires. Straight line cost recovery for Amortized start up costs goes from 15 years to 21 years. The Qualified Small Business stock gain exclusion expires. The basis adjustment for S Corporation charitable contributions returns. The look back for built in gains on S Corporations goes from 5 years to 10 years. Payroll tax goes back up from 4.2 to 7.25%.. No bonus depreciation for the first year.

So what are your options as a business for 2012. If you have R&D or depreciable property to acquire, do so in 2012. If you converted a C corporation to an S corporation between 6-9 years ago, consider selling that asset now as opposed to having to wait for another 1-4 years. There are of course economic reasons to hold property. But consider those options. If you have a small business that you are negotiating a sale, you can exclude up to $10 Million if the stock was owned for more than 5 years and is qualified small business stock. After this year the exclusion goes down to 50% of the first $10 Million. A huge difference