Treasury Officials Update S Corporation Stakeholders on Priority Guidance

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Interested parties may receive a double whammy from the Treasury Department as regulators are aiming for a same-day release of proposed rules for Section 1411 and the additional hospital insurance tax, Cornelia Schnyder, an attorney/adviser at Treasury, says. The release date is unknown, as Treasury officials are not speculating beyond “soon.” The provisions are imposed by health care reform and are effective Jan. 1, 2013. Section 1411, dealing with what was once called the Medicare contribution tax, imposes a 3.8 percent tax on the unearned income of certain individuals, estates, and trusts.