Legislation

Tax

IRS Orders States: No Tax on Rebates

There are eight states that allow federal income taxes paid as a deduction on the state tax returns: Iowa, Oklahoma, Louisiana, Missouri, Montana, North Dakota, Oregon, and Utah.
Technology

House Leader Plans to Block Online Sales Tax

House Majority Leader Dick Armey has announced he will work to block sales taxes on Internet sales. The ban he foresees would be of a short-term nature. Representative Armey plans to rally support for a three-to-five year ban on Internet sales taxes in conjunction with legislation currently before Congress to make the current ban on Internet access taxes permanent.
Tax

Social Security Number of Deceased Child Causes Grief

A Salem, Oregon couple suffered the loss of their baby to a rare pediatric disease early in 2000. Now the couple faces additional unexpected grief at the hands of the IRS.An unidentified taxpayer claimed the child as a dependent on a 2000 tax return, using the child's name and Social Security number, information that was apparently found on the Internet.The parents of the deceased child also claimed the child as a dependent on their 2000 tax return, a claim that was legal.
Tax

Official Word From the IRS on Tax Rebates

The IRS has issued its position on the new tax legislation, and details some additional information about timing of upcoming rebates.
Tax

Deloitte Offers Free Booklet on New Retirement Rules

Deloitte & Touche's Human Capital Advisory Services practice has published a free 44-page booklet that examines the retirement issues associated with the new Economic Growth and Tax Relief Reconciliation Act.The new act makes significant changes to rules regarding retirement plans, simplifying some of the many regulatory complexities and expanding opportunities for saving and portability."These new retirement plan changes can offer some valuable tools to enhance your retirement plans in ways to attract and retain your needed workforce and to increase the retirement security for th
Tax

How Much Will the New Tax Laws Save You?

Intuit, the maker of Quicken personal finance software and TurboTax software, has created a calculator that will help you estimate your savings under the new tax laws for the next 10 years.
Tax

Tax Cut Brings Bad News for Some

High-tech firms are not pleased with all the aspects of the tax cut that was agreed to over the past weekend.
Tax

Senate Passes Huge Tax Cut

Late Wednesday, the Senate passed President Bush's $1.35 trillion tax cut, a colossal program that will be phased in over 11 years.

Bankruptcy Legislation May Shield Retirement Funds

The House and Senate have both approved bankruptcy reform legislation and both chambers agree that new bankruptcy legislation should exempt funds in retirement accounts from the bankruptcy estate of debtors. Proposed legislation would also prevent debtors from discharging retirement plan loans through a bankruptcy proceeding.The bills would shield from a bankruptcy estate retirement assets in qualified plans, IRAs, and other tax-exempt funds. The protection would extend to eligible rollover distributions that are indeed rolled over.
Tax

Bush and Congress Agree to $1.35 TrillionTax Cut

"The largest tax reduction in 20 years," is the way analysts are describing the tax cut plan agreed to by Congress and the White House late Tuesday. Under the new plan, taxes will be cut by $1.35 trillion and this cut will be phased in over the next eleven years.
Tax

Congress Debates Internet Sales Tax

One of the current assignments of Congress is to consider extending the five-year Internet sales tax moratorium, which is set to expire this October. The Senate Commerce Committee is to meet later this week to consider legislation in this area. This moratorium affects Internet access fees and isolated taxes.
Tax

Retirement and Pension Bill Ready for House Floor

The House Committee on Education and Workforce has approved a retirement security bill, the tax aspects of which met with approval from the Ways and Means Committee earlier this week.The Comprehensive Retirement Security and Pension Reform Act of 2001, H.R. 10, will go before the entire House the week of April 30.
Tax

House Votes to Repeal Estate Tax

Fifty-eight Democrats crossed party lines Wednesday to join Republicans in a vote to repeal the tax known as the Death Tax.The repeal of the estate tax, if made into law, would be phased in slowly over a period of 10 years, with most of the savings coming in the next decade. "If you want to protect your estate, don't die for 10 years," quipped Rep.
Tax

House to Vote on Estate Tax Today

President Bush's proposal to end the estate tax is scheduled to be discussed and voted on in the House of Representatives today. House Majority Leader Dick Armey, R-TX, predicts that approximately 60 Democrats will cross party lines to join Republicans in the vote to repeal the tax.The proposed bill to end the estate tax will begin with top estate tax rates being cut in 2002. The entire repeal of the estate tax will be phased in over ten years.The estate tax currently affects roughly 2 percent of the people who die each year.
Tax

House Approves Marriage Tax Cut

On Thursday, The House
A&A

Key Highlights of the Bankruptcy Reform Bill

The House of Representatives recently approved legislation to reform the nation's bankruptcy laws, making it harder for debtors to wipe out their debts without paying them off.Below are a few highlights of this law.The bill calls for debtors to complete personal financial management courses before their debts are discharged in bankruptcy; Increase the priority of child-support and alimony payments; Defines what is a realistic amount to pay for food, transportation, hou
Tax

House Approves Bush Tax Cut

In an unsurprising vote along party lines, the House of Representatives approved President Bush's budget, which incorporates a $1.6 trillion tax cut. The budget, if approved by the Senate, holds the government to a 4 percent increase in spending, and will become effective October 1, 2001.
Tax

The Streamlined Sales Tax System Project

The Streamlined Sales Tax Project is an effort created by state governments, with input from local governments and the private sector, to simplify and modernize sales and use tax collection and administration. The Project’s proposals will incorporate uniform definitions within tax bases, simplified audit and administrative procedures, and emerging technologies to substantially reduce the burdens of tax collection.
Technology

E-mail Spam Bill Advances to the House

We have all experienced the unsolicited barrage of e-mail solicitations. Congress is currently working on curtailing the spamming of America. A house subcommittee quickly passed the "Unsolicited Commercial Electronic Mail Act" on Wednesday, and the bill is expected go before the full House Commerce Committee for a vote next week. This new bill would require the sender of an e-mail message to have a valid reply to address and to stop sending e-mail if the recipient requests it.

Ergonomics Rule Killed by The House

Amidst cheers from business owners and jeers from unions, the House joined the Senate in voting down a bill that would have required extensive and expensive changes in the workplace.The ergonomics regulation, which was issued last November and would have taken effect in October, would cover over 100 million workers at more than 6 million work sites, according to the Occupational Safety and Health Administration. OSHA estimated the compliance cost at $4.5 billion, far less than many business groups.

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