CBO - The S Corporation Association

Super Committee — Running Out of Airspeed and Ideas

Just like an old pilot, the Super Committee appears to be running out of options in its race to find $1.2 trillion in savings. With one week left before the November 23rd deadline, time is short and the sides are far apart. There has been a measurable increase in activity and it’s obvious the Committee members are trying to cobble together something, but can they bridge the gap?

The lack of time for the Committee to act would suggest no.

The deadline for them to favorably vote on a proposal is November 23rd, but the real deadline is much sooner. Why? The …

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Is Official Washington Targeting S Corporations? Sure Looks That Way

As our readers know, the IRS is currently targeting S corporations, and only S corporations, for audits as part of its on-going “Tax Gap” research project. And the Joint Committee on Taxation and Treasury Inspector General for Tax Administration have, over the past couple year, proposed to dramatically increase the application of payroll taxes on S corporation income.

Now the Congressional Budget Office issues its new biannual “Budget Options” report, and there, on page 297 is an option entitled, “Repeal Tax-Free …

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