Search Results for keywords:"personal service income"

Search Results: keywords:"personal service income"

H. R. 9956 — To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
October 11, 2024
Status:Introduced in House
Congress:118
Words:8,644
The bill H. R. 9956 aims to change how personal service income earned through pass-thru entities is taxed. It focuses on investments and partnerships, seeking to treat certain gains and income that partners earn in these situations as ordinary income rather than capital...
Simple Explanation
H. R. 9956 wants to change the rules so that people who earn money by working with certain business arrangements pay taxes like regular workers instead of getting special lower rates. This means they might have to pay more taxes on some of their money.
S. 4123 — To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
April 15, 2024
Status:Introduced in Senate
Congress:118
Words:8,858
The bill S. 4123 aims to amend the Internal Revenue Code of 1986 to establish rules for the tax treatment of personal service income earned through pass-thru entities. Specifically, it addresses the taxation of partnership interests transferred in connection with providing...
Simple Explanation
The bill wants to change how people pay taxes on money they earn by doing work for certain businesses, making sure it's fair and easy to understand. It says that some of this money, usually taxed less, should be taxed like regular income instead.

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