The House-passed the Achieving a Better Life Experience (ABLE) Act of 2014 (HR 647) on December 3. The bill would create tax-exempt accounts for use by individuals to pay qualified disability expenses. These would include the costs of education and personal support. In addition, the bill contains several revenue raising provisions, one of which is payroll-related.
- demonstrates that it (and any owner, officer, and other persons) meets the all requirements, including those related to status, background, experience, business location, and annual financial audits,
- agrees that it would satisfy any bond and independent financial review requirements on an ongoing basis,
- agrees that it would satisfy any required reporting obligations,
- computes its taxable income using an accrual method of accounting unless the Secretary approves another method,
- agrees to verify on such periodic basis as the Secretary may prescribe that it continues to meet the requirements of the law, and
- agrees to notify the Secretary in writing within such time as the Secretary may prescribe of any change that materially affects the continuing accuracy of any agreement or information that was previously made or provided.
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