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S-CORP Clips | October 1-10

A compilation of the business tax related stories that caught our eye

Administration on Tax Reform

The President’s economic advisors have been unusually busy in recent weeks. National Economic Council Director Jeffrey Zients was firm in his conviction that tax reform could get done in the new Congress, citing the “remarkably overlapping” approaches of Obama’s plan and the Camp draft.

It is true there are some common themes in the Camp and Administration proposals, but also there are major – and fatal – differences as well, including:

The Camp Draft is budget neutral while the Administration’s plan would raise revenue;
The Camp …

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admin2014-10-10T19:13:33+00:00October 10, 2014|

S-Corp Payroll Tax Hike Re-Emerges

Both the Camp discussion draft and the President’s budget include provisions to expand the application of payroll taxes to S corporation income.

The White House proposal is an expanded version of efforts that failed in the Senate in 2010 and 2012, where 100 percent of income from a professional services businesses – law, accounting, consulting, etc. – organized as an S corporation, general or limited partnership, or an LLC taxed as a partnership, would be subject to SECA taxes.

The Camp provision, on the other hand, is a whole new approach that is dramatically broader than anything considered to date. …

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admin2019-02-01T20:05:24+00:00March 6, 2014|

S-CORP Testifies

S corporation tax policy took center stage on the Hill earlier this month.

Carrying the S-CORP flag before the House Ways and Means Select Revenue Subcommittee was Tom Nichols, the Chairman of S-CORP’s Board of Advisors. The hearing focused on pass through business taxation issues and, in particular, the merits and shortcomings of the “Pass Through Draft” that Chairman Camp released earlier this year.

From the beginning, Tom’s testimony hit the high notes of the advocacy we’ve been conducting for the past two years:

“Tax Reform needs to be …

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admin2019-02-01T20:08:24+00:00May 29, 2013|

Ways & Means Releases Tax Reform Outline — Part I

The Ways and Means Committee Republicans released their long-awaited draft on international tax reform today. According to the Committee, today’s release is part of a series of reforms to be outlined by the Committee in coming months, the whole of which would make up a comprehensive rewrite of the tax code.

Good news there. As our Washington Wire readers know, we’ve been making the case since last January that any reform effort needs to be comprehensive.

According to the Committee: “Today, Ways and Means Committee Chairman Dave Camp (R-MI) unveiled an international tax reform discussion draft as part of the Committee’s broader …

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admin2019-02-01T20:24:44+00:00October 27, 2011|