June 2002
Journal of Financial Planning;Jun2002, Vol. 15 Issue 6, p12
Academic Journal
The article reports developments on financial legislation in the U.S. as of June 2002. The U.S. House of Representative Ways & Means Committee passed the amended House Resolution (H.R.) 3991, the Taxpayer Protection and Internal Revenue Service Accountability Act of 2002. H.R. 3991 contains provisions, including the clarification of the federal tax deposit penalty so that the ten percent penalty rate only applies in cases where the failure to deposit extends more than 15 days, the extension of the due date for filing and paying individual income taxes to April 30 for taxpayers who file and pay electronically and replacement of penalties with an interest charge for individuals who fail to pay taxes. Meanwhile, the U.S. House of Representatives passed a bill that would make the 2001 $1.35 trillion tax cut a permanent part of the tax code. House leadership has expressed that it is vital that Congress approve legislation to make the tax cuts permanent, including a repeal of the estate tax. A permanent tax cut would alleviate concerns regarding estate planning and long-term financial planning. Also, Tennessee Senate Bill 2937 was signed by the governor and will require investment adviser representatives to be licensed by the securities division. The Financial Planning Association supported the legislation because it will help to establish minimum competency requirements and standards for persons offering investment advice.


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