The Obama-Bohner tax cut extension compromise survived challenges from both the left and the right to pass in the Senate yesterday. Now it’s on to the house. While there have been grumbling in congress over the plan it is expected to pass. Meanwhile, an attempt to reform the pending massive extension of 1099 reporting failed in a Senate Finance Committee and will not be taken up until the 112th Congress convenes. Apparently the legislatures are having a hard time figuring out a way to “pay” for the repeal of this provision, which is expected to generate $2 billion in tax revenue annually. It is up to the next congress to attempt to fix the provision which everyone says they hate, but apparently they are not willing to do anything about it.
Filed under: estate planning Tagged: | Estate tax 2011 2012, Obama Bohner tax compromise, Obama Republican tax deal
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[...] Reform Law’s 1099 reporting requirements. As I have written about in the past, here and here, the 1099 rule was going to significantly expand the reporting requirements by not longer exempting [...]