Secret Site Map
Thursday, July 02, 2015

Home News U.S. Senate Passes Tax-Reporting Repeal

U.S. Senate Passes Tax-Reporting Repeal

Business Strategy

The Senate voted last week to repeal a tax-reporting requirement contained in last year's health-care law that was widely criticized for being too burdensome, the first significant change to the law and one of the few bipartisan acts of Congress so far this year.

| April 8, 2011

The U.S. Senate on Tuesday voted to repeal a tax-reporting requirement contained in last year's health-care law that was widely criticized for being too burdensome, the first significant change to the law and one of the few bipartisan acts of Congress so far this year.

The 87-12 vote sends the measure to U.S. President Barack Obama for his signature. The tax-reporting measure would have required businesses to file 1099 forms with the Internal Revenue Service showing payments of $600 or more to vendors. The goal was to reduce tax evasion, but businesses said it would have added to the time and cost of tax preparation.

Republicans and Democrats had agreed that repealing the tax-reporting requirement was a good idea, but had differed over how to compensate for it. The approved repeal would make up for taxes lost to vendor evasion by requiring low- and middle-income Americans who receive a tax credit for buying their own health insurance to repay the credit if their income winds up being too high. The repayment obligation would show up as a tax charge during the tax filing season.

Click here to read the entire article.

Source: online.WSJ.com

Top news

Plague Confirmed in Colorado Teen’s Death

The Larimer County (Colo.) Health Department confirmed that a teen died from the plague earlier this month.

Massey Services Acquires EcoShield Pest Control

Orlando, Fla.-based Massey Services has acquired EcoShield Pest Control of Atlanta and EcoShield of Austin, Texas.

Video: Terminix's 'Mosquitonado' Ad

In advance of the July 22 release of “Sharknado 3: Oh Hell No!” Terminix has released a trailer for an equally over-the-top parody, “Mosquitonado,” based on the world’s actual deadliest animal: mosquitoes.

Bed Bugs Discovered in UN Building

Staff at the United Nations' New York headquarters got a message informing them of the presence of bed bugs.

World's Largest Eradication to Save Birds Complete

The South Georgia Heritage Trust has concluded the baiting phase of its multi-year project to remove invasive rodents which have destroyed most of the native birds on one of the world’s most important seabird sanctuaries.

x