Every four years, Congress returns to work after a summer recess
and is overshadowed by the looming presidential election. This year
is no exception with taxpayers and lawmakers focused on Election
Day on November 8. In the meantime, however, lawmakers have almost
two months to take up legislation left pending when they recessed
in July. Included on their agenda are many tax-related bills,
potentially impacting individuals, businesses and others.
Small Businesses
Just before recessing, the House passed a much-watched bill, the
Small Business Health Care Relief Bill (HR 5447). The bill is
intended to provide relief to small businesses that have
traditionally used Health Reimbursement Arrangements (HRAs) to
reimburse employees for health care expenses. After Congress passed
the Affordable Care Act (ACA), the IRS determined that these
arrangements did not satisfy the new law's market reforms. As a
result, small businesses could be liable for significant penalties.
The
