The House plans to debate legislation (H.R. 1314) today that incorporates a two-year budget agreement, raises the debt limit, and includes several tax and employee plan policy provisions. The most significant tax-related provisions of the bill would modify the audit and tax administration rules for partnerships. These changes are estimated to raise more than $11 billion over 10 years. The following excerpt from a House summary of the bill explains the proposed partnership changes:
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The bill would also repeal the automatic enrollment requirement of Section 18A of the Fair Labor Standards Act, which was added by the President's health care reform law. The enrollment mandate requires employers with more than 200 employees to automatically enroll new full-time employees into a qualified health insurance plan and retain the enrollment of current employees. On pension policy, the bill would: • Increase Pension Benefit Guaranty Corporation (PBGC) premiums for single-employer pension plans; • Extend the defined benefit funding stabilization rates through 2019; • Move up by one month the 2025 PBGC premium payment deadline; and • Modify the rules governing the use of certain mortality tables by plan sponsors.
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