Following agreement by Majority Leader Harry Reid to allow floor consideration of Republican amendments, the Senate appears poised to move forward with the small business tax bill. In addition to providing various tax benefits to small business, the Senate version of the bill would permit rollovers from regular 401k accounts to designated Roth accounts within the same plan. The most recent version would also eliminate the advance earned income credit.
It isn’t clear what amendments Republicans will offer, but a likely candidate is a repeal of the expanded Form 1099 reporting requirement that was included in the healthcare legislation.
