Backdating business

26-Jul-2017 07:02

President Donald Trump urged lawmakers last week to push forward with tax legislation "ASAP," telling them not to wait until the end of September.Tax reform is one of the key planks of the agenda he pitched as a candidate, and he has made two recent speeches touting the benefits of changes to the tax system without offering new details.Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.Congress and the White House have not yet released a plan but are working this month to prepare legislation.If more than six weeks have passed since your client's duties start date before they set up a workplace pension scheme, they will need to take certain steps in line with their automatic enrolment duties.Your client will need to pay any contributions that they should have made back to the date their member of staff met the age and earnings criteria to be put into a pension scheme.Mnuchin heads to Capitol Hill on Tuesday to discuss tax policy with GOP congressional leaders, the latest in a series of meetings.Earlier Tuesday, Mnuchin insisted that a tax overhaul would happen this year.

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The alternative is using budget reconciliation, which would require only a majority vote, meaning it could pass with only the 52 Republican senators.

That includes getting rid of state and local tax deductions.