January 27, 2012
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How does the tax compromise agreed to by President Obama and the Congress effect you?
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RED TAPE, BE GONE!!!!
On April 14, 2011, President Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 to rescind the Form 1099 tax reporting requirement included in the Patient Protection and Affordable Care Act (PPACA) of Heath Care Reform. (In English, the President reversed part of the Health Care bill)
Under the reporting requirement, businesses would have been required to issue a Form 1099-MISC to corporations as well as non-corporate entities for the purchase of tangible goods and services over $600. The tax filing requirement did not directly relate to health care but was initially included as a funding measure for the health care bill by reducing un-reported and under-reported income that would otherwise be taxable. However, small firms and self-employed individuals voiced concerns that the requirement would bury them in paperwork. In addition, the law also repeals the expanded Form 1099-MISC reporting under the Small Business Jobs Act of 2010 that required individuals who receive rental income from real estate to report that income on Form1099-MISC.
STATE OF FLORIDA INCREASES CORPORATE TAX EXEMPTION
Effective for tax years beginning on or after January 1, 2012, the Florida corporate income tax exemption was increased from $5,000 to $25,000. This will eliminate the tax on corporations with $25,000 or less in Florida income. However, this does not change the corporate income tax filing requirements and all corporations are still required to file Florida corporate income tax returns.
FLORIDA MINIMUM WAGE
The 2012 minimum wage in Florida is $7.67 per hour, effective January 1, 2012, with a minimum wage of at least $4.65 per hour for tipped employees, in addition to tips.
