charitable - The S Corporation Association

Ways & Means Votes for Permanent BIG Relief!

Earlier today, the House Ways and Means Committee voted out a number of business-friendly tax provisions, including two S corporation reforms introduced by Reps. Dave Reichert (R-WA) and Ron Kind (D-WI). You can click here to watch the video of the markup in its entirety.

The first bill (H.R. 4453) makes permanent a five-year built-in gains recognition period while the latter (H.R. 4454) does the same with a basis adjustment for charitable giving by S corporations. Both provisions were included in Chairman Camp’s tax reform draft and were voted out of Committee with comfortable majorities.

In a related effort, two dozen …

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admin2019-02-01T20:05:23+00:00April 29, 2014|

Reps. Reichert & Kind Introduce Pro-S Corporation Bills

Yesterday, Congressmen Dave Reichert (R-WA) and Ron Kind (D-WI) introduced HR 4454 and HR 4453 to make permanent two tax provisions that are important to the S corporation community.

The first bill provides a permanent BIG tax fix by locking in the recognition period for the built-in gains tax at five years. The provision was included in Chairman Camp’s tax reform draft and was discussed earlier this week in a Ways & Means Committee hearing that included S-Corp ally Jim Redpath as one of the witnesses. The latter bill, H.R. 4453, makes permanent the basis adjustment for charitable giving by …

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admin2019-02-01T20:05:24+00:00April 11, 2014|

Moving on Extenders

Extenders are back in play in the House and Senate. Finance Chairman Ron Wyden (D-OR) plans to release his package Monday, with amendments due on Tuesday and markup to begin on Wednesday.

Details of the Wyden plan are not available, but early indications are that his package will include most of the tax provisions that expired at the end of 2013 and that they will be extended for both 2014 and 2015. It doesn’t appear that the Chairman plans to offset the revenue loss of the package unless there are more modifications to the language than a simple date change.

Meanwhile, on …

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admin2019-02-01T20:05:24+00:00March 28, 2014|