Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014, which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.
The law enacted on Oct. 17 to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 contained one tax provision, making a minor change to 2010’s health care legislation.
The president's proposed FY 2014 budget aims to raise approximately $580 billion in revenue through new taxes, limits on deductions, and other tax proposals.
The “fiscal cliff” legislation enacted on Jan. 2—the American Taxpayer Relief Act, P.L. 112-240—contains a large number of tax provisions.
With its scores of new and extended provisions, the American Taxpayer Relief Act offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future.
Congress preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions.
President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012 and the IRS released a revised Form 941to reflect the extended payroll tax cut.
On Feb. 17, the House of Representatives and the Senate both passed a bill that will extend the reduced 4.2% Social Security tax rate through the end of the year.
The Senate and the House of Representatives on December 23 both agreed by unanimous consent to extend the reduced rate, and President Barack Obama signed the bill the same day.
The president signed into law the Three Percent Withholding Repeal and Job Creation Act.
The House of Representatives passed a bill that will repeal a 3% government contractor withholding requirement. The bill now goes to President Barack Obama for his signature.
The House of Representatives passed a bill October 27 to repeal a law that beginning in 2013 requires tax withholding of 3% of payments to vendors and contractors providing services to federal, state and local governments and their agencies.
Congress adjourned its year-end lame-duck session on December 22 after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form 1099 reporting requirements that were enacted as part of this spring’s health care reform legislation.
The House of Representatives late on December 16 by a vote of 277–148 passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.