More On Tax Planningfrom The Advisor's Professional Library
- Selected Provisions of the American Taxpayer Relief Act of 2012 The experts of Tax Facts have produced this comprehensive analysis of selected provisions of the American Taxpayer Relief Act of 2012 (the Act) to provide the most up-to-date information to our subscribers. This supplement analyzes important changes to the tax code with emphasis on how these developments impact Tax Facts’ major areas of focus: Employee Benefits, Insurance, and Investments.
- Annuities: Estate Tax The value of certain types of annuities may be included in an estate’s value. Understanding the intricacies of these inclusions is a critically important aspect of estate planning.
President Barack Obama on Thursday signed into law H.R. 4, legislation repealing the requirement under the Patient Protection and Affordable Care Act (PPACA), that all employers file separate 1099 forms with the IRS beginning in 2012 for any payments to vendors in excess of $600, not just to independent contractors.
“Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law,” said Obama in a statement. “Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork.”
Dave Camp, R-Mich., chairman of the House Ways and Means Committee, said in a statement the same day, “After nearly a year-long battle to repeal the onerous 1099 provisions enacted by Democrats, I am pleased the President has now signed their repeal into law.”
With Tax Day occurring Monday, Camp said, “small businesses can finally breathe a huge sigh of relief that one of the many burdens the Democrats’ health care law would have placed on them has been repealed.”