The Washington Wire - The S Corporation Association

Support CTA Relief

The House Small Business Committee is holding a hearing on the Corporate Transparency Act later this month. One witness will be Carol Roth, a bestselling author and small business advocate who has helped lead the charge against the poorly crafted law.

We’ve covered the CTA at length over the past few years but the bottom line is that while reporting under the CTA started already and the deadline is the year’s end, only a tiny percentage of the targeted 33.6 million small businesses even know it exists. That’s bad because a failure to file is accompanied by thousands …

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admin2024-04-16T20:48:03+00:00April 16, 2024|

Main Street on the Hill

S-Corp and its friends at the National Federation of Independent Business hosted a Tax Day briefing for Hill staff and other stakeholders yesterday. The topic: the massive tax hikes threatening Main Street at the end of 2025.

As readers know, the expiration of the Section 199A deduction coupled with significant increases in the marginal rates paid by the 95 percent of businesses nationwide is a significant challenge facing Main Street and Congress next year. We know Congress is going to have to act, and we know the issues in play are new …

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admin2024-04-16T17:01:05+00:00April 16, 2024|

199A Takes Center Stage

As we wrote earlier this week, it’s a busy April for tax policy. The packed agenda kicked off Tuesday with a hearing at the House Small Business Committee entitled, “Exploring the Adverse Effects of High Taxes and a Complex Tax Code.” It was the perfect opportunity to highlight the tax priorities that are top of mind for the Main Street business community and did not disappoint.

The hearing had a number of high points but we’ll flag just a few, starting with witness Raymond Huff, President of HJB Convenience Corporation based in Denver, CO.

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admin2024-04-12T15:43:11+00:00April 12, 2024|

A Taxing Month for Lawmakers

Congress is back in session this week for what promises to be a busy April for tax policy. Here is a quick overview of what’s happening.

Smith-Wyden Bill in Senate

The big-ticket item is the $80 billion Tax Relief for American Families and Workers Act. This bill easily passed the House back in January but has remained stalled in the Senate since.

That’s largely due to Republican tax writers’ objections over the structure of the child tax credit, among other items. As Politico reported this morning:

Key Senate Republicans, including the ranking member of the Finance Committee, Sen. Mike Crapo of Idaho, and …

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admin2024-04-08T17:00:24+00:00April 8, 2024|

C Corps for Everybody?

S-Corp’s mantra for tax reform is “S corps for everybody!” Tax all businesses once, tax them when the money is earned, tax them at a reasonable rate, and then leave them alone. In other words, tax them like S corporations. Moving the Tax Code towards what we call a “single tax system” would level the playing field for all types of businesses while eliminating the complexity and distortions created by the double corporate tax.

This approach contrasts completely with the vision outlined in last week’s paper by Kyle Pomerleau and Don Schnieder (P-S). There are lots of moving parts …

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admin2024-04-05T12:33:08+00:00April 4, 2024|