BIG - The S Corporation Association

Extenders and Immigration

Last week, we did a post-election analysis that highlighted the broad implications of the new Republican Congress. A return to “regular order” and increased legislative activity overall, including in the tax space, was our basic conclusion.

One wild card at the time was the possibility of President Obama issuing an Executive Order on immigration. He’s promised to do so and, despite pushback from Republicans and many members of his own party, he appears poised to release something on Friday.

What are the implications of such an action on tax extenders in the Lame Duck? Absent action on immigration, the …

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admin2019-02-01T20:01:38+00:00November 19, 2014|

Highway Bill, Extenders, and the Tax Outlook for the Rest of the Year

The pending debate over highway spending has tax implications and the pass-through business community should pay attention.

The Highway Trust Fund will run out of money in the next couple weeks and both the Senate and the House are planning a two-step response — a short-term patch that will keep highway projects funded into next year and then longer bills that would establish highway policy for the next couple years.

How to allocate all those dollars for roads and bridges is always a complicated and politically charged affair. So is how to pay for it. Finance and Ways and Means both are …

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admin2019-02-01T20:05:23+00:00July 9, 2014|

House Passes S-Corp Reforms!

It’s a big day for S corporations! Earlier today, the House voted to adopt HR 4453, the S Corporation Permanent Relief Act of 2014, by a count of 263 to 155. The bill, sponsored by Representatives Dave Reichert (R-WA) and Ron Kind (D-WI) makes permanent the five year built-in gains holding period, and contains a basis adjustment fix for charitable contributions made by S corporations.

These S corporation provisions received strong bipartisan support. All but two Republicans supported the measure, while forty-two Democrats parted with their leadership and the Administration and voted yes. Ways and Means Committee Chairman Dave Camp …

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admin2019-02-01T20:05:23+00:00June 12, 2014|

Business Community Comes Out in Support of S Corp Reforms…

A broad coalition of business groups came out in support of S corporation reforms today, writing to House of Representatives in support of HR 4453, the S Corporation Permanent Relief Act of 2014. The House is expected to vote on this measure tomorrow.

As Wire readers know, making permanent the five year recognition period for built-in gains has been a priority of the S Corporation Association for years, and while we’ve been successful in reducing the recognition period on a temporary basis, this is the first time either the House or the Senate has considered a permanent fix. Given the …

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admin2019-02-01T20:05:23+00:00June 11, 2014|

BIG Tax Relief on House Floor

It’s a big week for S corporations! The House is scheduled to vote on several small business tax items, including permanently higher section 179 expensing limits and S corporation modernization legislation too!

The S corporation bill, newly-named the S Corporation Permanent Tax Relief Act of 2014, will bundle together HR 4453 (permanent 5-year BIG period) and HR 4454 (basis adjustment for charitable contributions). We expect the bill to be considered by the Rules Committee later today with debate and a vote on the bill to take place Thursday.

Making the five-year recognition period for built in gains permanent has been an S-CORP …

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admin2019-02-01T20:05:23+00:00June 10, 2014|