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Another change is a mandatory IRA option for employees. Businesses operating for a minimum of two years with 10 or more employees would be required to offer an automatic IRA option to employees as a payroll deduction — but only if these businesses don’t already have a qualified retirement plan or a simple retirement plan in place. These employers could, according to the Green Book, claim a temporary tax credit and receive $25 per enrolled employee (up to $250 each year) for two years, which in reality may or may not balance
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out the hassle factor. The main purpose for this proposal is to make it easier for employees to secure an IRA, Stevko explains.
The administration is also looking for additional ways to capture unreported income. Under the tax proposals, businesses would be required to issue 1099 forms to all corporations. Further, with respect to contractors, a business would be required to secure a W-9 from a contractor and then submit the form to the IRS for qualification. Once under |
The Big Proposal
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