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NEW VETS-100 FILING DATE AND ADDRESS
As of November 3, 1997, the VETS-100 Processing Center has relocated. Their new address and telephone number are:
U.S. Department of Labor
Office of Veterans'
Employment and Training
VETS-100 Reporting
6101 Stevenson Avenue
Alexandria, VA 22304
(703) 461-2460
The 1998 reporting deadline for all VETS-100 forms is September 30, 1998. It has been moved from the original due date of March 31.
All federal contractors and subcontractors with $10,000 or more in annual revenue from federal contracts must complete and file the VETS-100 report. Contractors are responsible for obtaining the proper forms and filing them by the deadline. Failure to file can place all your federal revenues in jeopardy.
The Employers Association
ESTATE TAX
Last year the President signed into law modest improvements to the death tax that will make it easier for some to pass along closely-held businesses to heirs. But now the administration is looking to shut down various tax incentives firms use to keep the tax collector at bay upon the death of a business owner. The President's FY 1999 budget would raise taxes on estates by $1.2 billion over five years by eliminating: non-business valuation discounts; gift tax exemptions for personal residence trusts; and the "Crummey rule,"
which allows certain property transfers to qualify for the yearly $10,000 gift tax exemption.
All of these changes move in the opposite direction of the 1997 tax relief bill; but it could stoke the flames for a complete repeal of the death tax.
NAM
TAX LIMITATION AMENDMENT
In 1993 the President's tax increase, which included higher taxes on income and gasoline, squeaked through Congress by just one vote in each chamber. Such an occurrence would become a thing of the past if Congress and the states approve a constitutional amendment to require a supermajority vote to raise taxes. The House this year plans to vote on a Barton (R-TX) amendment that would require a two-thirds majority to raise taxes by any more than a de minimis amount. Last year it won the support of a majority of House lawmakers, but fell 49 votes shy of the two-thirds needed to approve a constitutional amendment. A vote is planned this spring, probably around the tax-filing deadline of 4/15.
NAM
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