TITLE

New Federal Legislation Affects Planning Strategies

AUTHOR(S)
Schlesinger, Sanford J.
PUB. DATE
December 1996
SOURCE
Journal of Financial Planning;Dec1996, Vol. 9 Issue 6, p86
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
There have been important developments recently in federal laws affecting personal, estate and health care planning. Congress has enacted and the United States President Bill Clinton has signed the Health Insurance Portability and Accountability Act of 1996 (HIPAA), the Small Business Job Protection Act of 1996 (Small Business Act), the Taxpayer Bill of Rights 2 and the Personal Responsibility and Wage Opportunity Reconciliation Act. Among other matters, these acts include changes relating to S corporations and provisions to ease the burden of health care costs and encourage simplified pension plans. Significant tax provision also are included. The Small Business Act created a new retirement plan for small businesses called the Savings Incentive Match Plan for Employees that can be either in IRA form or 401(K) plan form. For this purpose, a small business is one with 100 or fewer employees whose individual compensation in the previous year was $5,000 or more and which does not maintain another employer sponsored retirement plan.
ACCESSION #
5560358

 

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