The president’s deficit commission today held its long-awaited vote on recommendations to balance the budget and reduce the deficit, and despite bipartisan praise of the plan, it failed to garner the 14 votes needed to pass on to Congress. The final tally was 11-7 in favor of passage with a mixture of Democrats, Republicans, and… Read more »
Yesterday, the Federal Trade Commission (FTC) released its recommendation for the creation of a “do-not-track” Internet privacy database, which would allow consumers to opt-out of having their browsing information collected by websites and site advertisers. The recommendation is part of a broader push to further protect consumers from privacy breaches but could hinder advertisers and… Read more »
Two separate reports recently have again placed nonprofits in the position as revenue raisers for local government. DC Council member Mary Cheh last week sent a letter to the entire council advocating for a PILOT (payments in lieu of taxes) from city universities. Her letter states that by charging every city university a $100 fee… Read more »
A prominent Senator suggested Tuesday that the 1099 repeal effort is still going strong in the Senate, and it could be included in a larger tax bill this month.
The president’s deficit panel released its final report today and added details to its original leaked outline for how it suggests the U.S. balance the budget and enact a more stable fiscal policy. Dubbed “The Moment of Truth”, the document adopts some policies from other private deficit commissions and adjusts some of its prior recommendations…. Read more »
Two 1099 repeal amendments were debated yesterday as part of the food safety bill, but both failed under the Senate’s 2/3rds rule for passage. The Johanns amendment (S.Amdt 4702) was a complete repeal with the offset coming from rescinding $39 billion in non-Defense Department discretionary spending, i.e. unused stimulus funds. His amendment failed 61-35, with… Read more »
Two Senate bills to repeal the new 1099 reporting requirements are expected to be voted upon as early as next Monday.
This month, three major panels have released high-profile plans to reduce the federal deficit and balance the budget within the near future. While the press has focused on some of the more high-profile topics like raising taxes or defense spending, the plans, if implemented as written, would have an impact on nonprofits and nonprofit governance:… Read more »
Proposed and interim final rules issued yesterday by the Obama administration will now allow employers to change insurance plans and not lose their grandfathered status so long as they maintain current benefits, according to the Bureau of National Affairs. The rules will be published in Wednesday’s Federal Register. Prior to the new rules, employers could… Read more »
Senator Max Baucus (D-MT), chair of the Senate Finance Committee, pledged on Friday to introduce legislation that would repeal the expanded 1099 reporting requirement contained in the health care bill, according to the National Journal. The Patient Protection and Affordable Care Act (PPACA) contained a provision (passed by the Senate Finance Committee) that would expand… Read more »