It's the most significant new tax law in a decade, but what does it mean for you? Big savings for millions of taxpayers, more if you have young children or attend college, a lot more if you're wealthy.

The package, being signed Friday by President Barack Obama, will save taxpayers, on average, nearly $3,000 next year.

But many families will be able to save much more by taking advantage of tax breaks for being married, having children, paying for child care, going to college or investing in securities. There are even tax breaks for paying local sales taxes and using mass transit, and a new Social Security tax cut for nearly every worker who earns a wage.

Most of the tax cuts have been around since early in the decade. The new law will prevent them from expiring Jan. 1. Others are new, such as the decrease in the Social Security payroll tax. Altogether, they provide a thick menu of opportunities for families at every income level.

"The tax code wants to encourage people to invest in their homes, invest in their education, invest in their retirement, and you have to know about all of these in order to take advantage of it," said Kathy Pickering, executive director of The Tax Institute at H&R Block.

Attorneys general in Arizona and Nevada filed civil lawsuits Friday against Bank of America Corp., alleging that the lender is misleading and deceiving homeowners who have tried to modify mortgages in two of the nation's most foreclosure-damaged states.

Bank of America violated Arizona's consumer fraud law by misleading consumers who tried to reduce their monthly payments to keep their homes, state Attorney General Terry Goddard said. The bank also violated the terms of a 2009 consent agreement requiring its Countrywide mortgage subsidiary to implement a loan modification program, the Arizona lawsuit alleges.

Hundreds of homeowners kept making their mortgage payments because Bank of America repeatedly assured them that their loans were being modified, Goddard said. Instead, many lost their homes anyway.

"Those people could have used that money for something else," Goddard told The Associated Press. "They were deceived into continuing to make mortgage payments when they had no hope of saving their homes."

Nevada Attorney General Catherine Cortez Masto told the AP that the Silver State's lawsuit was a last resort to try to get the bank to change its ways. It was filed after several discussions with bank managers led to assurances but little more.

"Clearly there is a disconnect between what Bank of America tells me at the management level and what's happening on the front line," Masto said.

Attorneys general in four Gulf Coast states are urging oil spill victims to check with lawyers before settling claims against BP PLC.

They issued consumer advisories Friday in Florida, Alabama, Louisiana and Texas. Earlier this week Claims Administrator Kenneth Feinberg completed his plan to give claimants three payment options — interim, final and quick.

Those opting for final or quick payments must sign away their right to sue BP for additional damages. The attorneys general said they should consult with a lawyer first.

BP's Deepwater Horizon rig exploded in April, spilling oil into the water for three months. In Florida only a few beaches were fouled, but the spill scared away tourists and businesses across the state had financial losses.

The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that a class action securities fraud lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of China Education Alliance (NYSE: CEU) common stock during the period between March 31, 2009 and November 29, 2010 (the "Class Period").

If you wish to serve as a lead plaintiff, you must seek such an appointment with the court no later than January 31, 2011. A "lead plaintiff" directs the litigation and participates in important decisions including whether to accept a settlement offer and how much of a settlement to accept for the class in the action. The lead plaintiff here will be selected from among applicants claiming the largest loss from investment in the company during the Class Period. Any member of the putative class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

If you wish to discuss the action, the lead plaintiff process, or have any questions concerning your rights or interests in the litigation, please contact Jeffrey A. Berens, Esq. at (888) 300-3362 x302, (303) 861-1764, or via email at jeff@dyerberens.com.

The complaint charges China Education Alliance and certain of its current and former officers with violations of the federal securities laws. Specifically, it is alleged that defendants knew or recklessly disregarded that the company improperly reported $24.9 million in revenue in its 2008 annual report, contradicting a report that the company's main operating subsidiary filed with the Chinese authorities, which revealed less than $1 million in revenue. On November 29, 2010, Kerrisdale Capital published a 30-page report citing evidence that China Education Alliance overstated its revenue and profit and called the company "mostly a hoax." On this news, shares of China Education Alliance common stock fell more than 30%.

Dyer & Berens LLP has significant expertise in prosecuting investor class actions. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact:

Jeffrey A. Berens
Dyer & Berens LLP
303 East 17th Avenue, Suite 300
Denver, CO 80203
Tel: (888) 300-3362 x302 or (303) 861-1764
Email: Email Contact
Website: www.DyerBerens.com