Joe Kristan reports that the United State’s Senate voted to repeal the new 1099 law yesterday: The Senate yesterday voted to repeal the expansion of information reportingcontained in last year’s Obamacare legislation. It’s looking more and more likely that this widely-hated expansion of information reporting will never happen. Kay Bell and TaxGrrrl have more. More [...]
Tags: Employer Issues · Legislative Watch · News · Tax Policy
Catherine Clifford of CNNMoney reports of the imminent death of the new 1099 reporting requirements included in Obamacare: On Thursday, three Senate Democrats wrote to House Speaker John Boehner urging the House to vote to repeal the so-called 1099 provision, a hated IRS rule that imposes new paperwork burdens on businesses. The senators said they “are [...]
Tags: Employer Issues · IRS procedure · Legislative Watch · News
One of the more talked about provisions of the tax bill signed into law yesterday by President Obama is the temporary payroll tax reduction. WebCPA reports that the IRS has already issued guidance on the relief measure: Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation [...]
Tags: Employer Issues · Individual Taxation · IRS procedure
Two weeks ago in a roundtable talk sponsored by The National Academy of Social Insurance Gary Burtless of the Brookings Institute said the unemployment payroll tax is a scandalously regressive tax on workers. He’s right, except for one tiny problem: The unemployment tax is not a tax on workers at all. Burtless glosses over this critical fact in his diatribe against what he calls the unemployment [...]
Tags: Employer Issues · Payroll Taxes · State Taxes · Tax Policy
WebCPA reports that the Treasury Inspector General for Tax Administration says that weaknesses in the IRS’s employment tax compliance program could cost the U.S. Treasury more than$130 million in Social Security and Medicare taxes over the next five years: The report… said the IRS should do more to protect against the improper use of employment tax forms [...]
Tags: Announcements · Employer Issues · Payroll Taxes
On Wednesday the Senate passed the HIRE Act on a bipartisan vote of 68 to 29. Mike Godfrey of TaxNews.com reports on the key provisions (emphasis added): The United States Senate has approved legislation providing new incentives for companies to hire unemployed workers and extending a measure allowing taxpayers to write off up to $250,000 in certain capital expenditures. The Hiring [...]
Tags: Employer Issues · Legislative Watch · Tax Policy
Andrew Taylor of the Associated Press reports: Despite doubts among many lawmakers that it’ll create many jobs, the House on Thursday passed legislation giving companies that hire the jobless a temporary payroll tax break. The measure passed 217-201 on a mostly party-line vote. The bill also extends federal highway programs through the end of the [...]
Tags: Employer Issues · Legislative Watch · Tax Policy
