Senate Small Business Tax Bill passed

[Bees Knees]

I'm not saying it won't become law, but this bill has not yet been signed into law. The House passed the bill, then the Senate passed it with an amendment, meaning the House has to agree to the amendment before giving it to the President for his signature.

I tend not to pay too much attention to proposed legislation until it becomes law.

[Snaggletoof]

Kiplinger

I tend not to pay too much attention to proposed legislation until it becomes law.

I stopped subscribing to Kiplinger tax letter a few years ago because almost all of their writing was to alert their readers to PROPOSED legislation rather than focusing on legislation that had actually passed.

Having said that, I still think they do an excellent job of tracking such legislation and are reasonably accurate when they made predictions. I'm not attempting to bad-mouth the Kiplinger folks because there is some value in what they say. But there is so much stuff out there that I try to limit my reading to actual law only, and I can't even keep up with that.

Kiplinger sent a promotional copy of their tax letter about a week ago. I noticed they were very tight-lipped about any predictions for the extension of sales tax deduction, tuition programs, etc. and other items left in the lurch to expire, including the infamous "Bush tax cuts" for 2010. In fact, the only verbage they offerred was that neither the extension nor the expiration could be expected at this time.

[AZ-Tax]

If the IRS was smart..

they would give renters a small tax credit for renting. I think some states do this already. Then in order to receive the credit, the renter/taxpayer would have to report the gross rent amt paid and the landlords tax ID #. Make them file a form 1040 and reduce the number of 1040EZ being filed. I would think that would greatly reduce any landlords from not reporting to under reporting rental income.

[AZ-Tax]

Hasn't this always been the case?

http://www.foxnews.com/politics/2010...nding-package/

Interesting health insurance deduction for the self employed.

Its the addition of deducting it from SE tax that is new, correct?

[taxmandan]

Its the addition of deducting it from SE tax that is new, correct?

Yes, making the health care premiums non-taxable.

[solomon]

The House is supposed to vote on it today.

[JG EA]

Burke, like yourself I have always issued 1099s for Rental "Business."

If we weren't supposed to be doing this, why is there a box on Form 1099-MISC for "Rent?"

For rent paid by businesses. Businesses had a requirement to issue a 1099-Misc. Individual landlords did not.

I am not trying to sound mean, but can't think of any other way to say this. Maybe all the voluntary reporting leads some legislators to think it is easy to get people to do more reporting.

[solomon]

The House is supposed to vote on it today.

Passed the House today - will be signed into law on Monday.

[Jiggers]

Contents of final bill

Passed the House today - will be signed into law on Monday.

Anyone have a link to the contents of the final bill?

[oceanlovin'ea]

Naea

If you are an enrolled agent and belong to NAEA, they send out E@lert every Friday adn they are very good in telling us what is going on with the proposed and passed legislation.

I also get an email every week from IRS small business department and that contains this information usually. Anyone can sign up for this service.

Linda

[solomon]

Anyone have a link to the contents of the final bill?

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h5297enr.txt.pdf

[Jiggers]

101 pages!

http://frwebgate.access.gpo.gov/cgi-...297enr.txt.pdf

Thanks,

I think I will wait for the condensed version.

[solomon]

Thanks,

I think I will wait for the condensed version.

Here is one condensed version.

http://tax.cchgroup.com/legislation/Small-Business-Jobs-Act-7-23-10.pdf