Archive for Tax News
Senate passes 1099 repeal bill
Yesterday the Senate passed H.R 4, the house bill that would repeal the increased 1099 reporting requirements introduced by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010. The bill now goes to the President’s desk and President Obama is expected to sign the bill into law. Form 1099 [...]
A brief history of internet sales tax
In 2008 New York passed a law requiring Amazon and other online retailers to charge New York customers sales tax. For years, online retailers have largely escaped having to charge sales tax. Since the New York law passed and Amazon brought suit against it, the issue of internet sales tax has grown. Especially now [...]
Income Taxes to go up in Illinois
A few hours before the 97th General Assembly was sworn in, the 96th Illinois General Assembly passed the Taxpayer Accountability and Budget Stabilization Act (the Act). If signed into law — and Governor Quinn is expected to do just that — the Act will raise Illinois personal and corporate income taxes for the first time [...]
Tax compromise: three points the headlines missed
A summary of the Obama Tax Compromise has been released containing several items of interest that have not made many of the headlines: Although Democratic opposition to the Estate Tax provisions of a $5,000,000.00 exemption per person has been trumpeted, a close reading reveals a married couple has a $10,000,000.00 exemption that can be moved [...]
Details of the tax compromise
No one knows yet what the tax landscape for 2011 will look like. That won’t become definite until a bill is signed into law. And although the climate in Washington is getting dicey, with House Democrats resolving not to let the compromise come to the floor as it currently stands, at the moment, here’s what [...]
A compromise on tax cuts possible in the Senate
The word from the Senate today is compromise. The House passed a tax cut bill last week that would preserve the Bush tax cuts for all but the highest earners, but the Senate failed to pass that bill. Now leaders from both parties are indicating, although nothing will be certain until a vote occurs, that [...]
New 1099 rules for landlords go into effect at the end of the year
IRS form 1099 has become so universal, the term “1099” has become a shorthand means of referring to contractors. The 1099 form exists to ensure contractors are accurately reporting their incomes to the IRS. Any person conducting a trade or business who makes payments of $600 or more in a year is required to submit [...]
What will happen to the estate tax?
The expiration of the Bush tax cuts is rapidly approaching. Disagreement in Congress over which taxes should go up and which should stay down threaten to paralyze the process. A new possible clogging issue is beginning to emerge in the Senate, the estate tax. The estate tax has changed dramatically over the past decade. The [...]
A world without employer healthcare?
With the dream of eliminating the deficit dominating the thoughts of the country and our national discourse, an old idea has resurfaced with a fresh face. The idea is simple: reduce or repeal the tax subsidies on employer healthcare plans. Fewer employers will offer health insurance to their employees and more workers will have to [...]
New food safety law may repeal increased reporting requirements
Section 9006 of the Patient Protection and Affordable Care Act, which institutes new requirements for information from employers, might soon be repealed. Sec. 9006 is expected to raise $17.6 billion over ten years, but it has been criticized for being overly costly to business owners. Senator Max Baucus (D-MT) offered an amendment Friday to the [...]