Just a week after this year's Veterans Day, President Obama signed new legislation providing a tax credit to employers who hire military veterans. The VOW to Hire Heroes Act is a small piece of a much larger jobs bill that has stalled in Congress.
President Obama has proposed a number of significant tax changes in the American Jobs Act of 2011, including payroll tax cuts, tax credits to encourage hiring, extension of the 100 percent bonus depreciation tax break, and several revenue-raisers.
The Senate approved the bipartisan bill last week, voting 74-26. The legislation will raise the debt ceiling $900 billion and cut government spending, which Representative Steve Stivers (R-OH) calls "not perfect, but the package as a whole helps small businesses...."
On April 14, President Obama signed legislation that repeals both the expanded Form 1099 information reporting requirements and the 1099 reporting requirements imposed on taxpayers who receive rental income.
JPMorgan Chase has announced that it will end its popular debit card rewards program for existing customers on July 19. Wells Fargo, SunTrust, and PNC have announced that they will either end their rewards programs or close them to new customers.
The Senate voted on Tuesday, April 5, by a vote of 87 to 12, to repeal the provision in the Patient Protection and Affordable Care Act that would have required businesses to file 1099 tax forms beginning in 2012 for all purchases over $600.
Last week, the U.S. House of Representatives passed H.R. 4, a bill repealing the health care reform law provision that requires businesses to furnish 1099 statements to corporate vendors. The House bill has been returned to the Senate where it faces an uncertain fate.
The agency says its funding request reflects a continued commitment to balance taxpayer service with fair enforcement of the tax laws. The IRS says it has identified more than $188 million in cost-savings in 2012, coming on top of similar efficiency savings in 2010 and 2011.
Rep. Nydia M. Velazquez (D-NY), the ranking member of the House Committee on Small Business, has called for repeal of the onerous new tax reporting rule, which was enacted last year as part of health care reform.
President Obama delivered his State of the Union address to the nation Tuesday night and included verbiage that offers encouragement for accountants struggling with issues surrounding the new 1099 regulations.