The Washington Wire - The S Corporation Association

Talking Taxes in a Truck Episode 35: Tax Foundation’s Scott Hodge on the Outsized Role that Taxes Play in Our Daily Lives

Our latest guest is Scott Hodge, who is president emeritus at the Tax Foundation and author of the excellent new book Taxocracy: What You Don’t Know About Taxes and How They Rule Your Daily Life. Through the lens of history’s most ill-conceived taxes – like the “chicken tax” and 17^th century “window tax” – Scott explains how tax policy shapes virtually every aspect of our lives and drives human behavior. He and Brian then discuss more recent policies, including the SALT cap and proposed wealth tax, the ongoing (and often misguided) debate over book versus tax accounting, and the pivotal …

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admin2024-03-02T02:06:23+00:00March 2, 2024|

Court CTA Ruling a Huge Win for Main Street

Huge news to kick off the weekend — a federal judge just ruled that the Corporate Transparency Act is unconstitutional, marking the end of a 16-month legal battle led by the National Small Business Association and supported by S-Corp and the members of our Main Street Employers coalition.

By way of background, the CTA is a sprawling new data collection regime that would have required more than 32 million entities – including virtually every small business in America – to hand over their sensitive private data to the government. We’ve …

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admin2024-03-02T01:07:28+00:00March 2, 2024|

The “Experts” Get 199A Wrong

When Congress finishes work on the tax package pending in the Senate, we expect the conversation to pivot rapidly to what we should do about all those expiring TCJA provisions at the end of 2025.

For S-Corp and its allies, our priority is to make the Section 199A deduction permanent and a big hurdle there is the lack of understanding of how pass-throughs are taxed and why the Section 199A small business deduction is critical to their success.

For example, of all the Republicans who served on Ways and Means during the TCJA debate, only five remain today. The staff …

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admin2024-02-22T15:04:04+00:00February 20, 2024|

FinCEN in the House

The head of the Financial Crimes Enforcement Network (FinCEN) will testify tomorrow before the House Financial Services Committee (HFSC). The hearing will focus on the Corporate Transparency Act’s implementation and is a good opportunity for Congress to learn more about this trainwreck of a law and why it should be repealed.

The Corporate Transparency Act claims to target so-called shell corporations engaged in illicit transactions like money laundering and terrorism finance, but the law defines a shell company as legal entities with $5 million or less in annual revenues or 20 or fewer employees – in other words, every …

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admin2024-02-13T23:09:31+00:00February 13, 2024|

Talking Taxes in a Truck Episode 34: Piper Sandler’s Don Schneider on the Tax Package’s Fate, Looming Debt and Deficit Crisis, and Monetary Policy Outlook

The House last week moved a large tax package. Will the Senate follow suit? To answer that and other burning questions, we spoke to Don Schneider, Deputy Head of U.S. Policy at Piper Sandler and the former Chief Economist at Ways & Means. Don explains why it might be too early to pop the champagne on the House-passed tax bill. Later he discusses the worsening spending crisis, what to expect from the Fed over the next several months, and the biggest myths he’s encountered on Twitter.

This episode of Talking Taxes in a Truck was recorded on February 1, 2024, and …

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admin2024-02-05T18:36:19+00:00February 5, 2024|