Article Link: http://exchangepress.com/article/highlights-of-the-1996-major-tax-acts-effective-immediately!-the-good-the-bad-and-the-ugly!/5011385/
Last August, four major tax acts became law. Their numerous provisions have a significant impact on all businesses and individual taxpayers. As the effective date of many of the provisions of these acts is January 1, 1997, now is the time to determine which areas affect you directly. Only several of the major provisions are listed here. As there are many others which could affect your circumstances, and as the ideas presented here may require further analysis to determine applicability to your particular situation, I recommend that you always consult competent professional help before attempting to implement any ideas presented here.The four acts are formally called:
_ Small Business Job Protection Act (referred to here as the "Business Act").
_ Health Insurance Portability and Accountability Act of 1996 ("Health Act").
_ The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 ("Welfare Act").
_ Taxpayer Bill of Rights 2
Important Changes Affecting Businesses
I. Business Act
A. Increase in the Minimum Wage
Effective for wages paid after October 1, 1996, the minimum wage increases from $4.25 to $4.75 per hour. A further increase to $5.15 per hour is effective September 1, 1997.
B. Increase in Section 179 Expenses
The amount of depreciable tangible personal property allowed to be
expensed in ...