extenders - The S Corporation Association

S Corporations Hit by Tax Hikes

Our friends at McGladrey LLP have a new survey out of mid-market firms showing just how hard those companies have been hit by the tax rate hikes championed by President Obama and his allies in Congress.

Recall that in the run-up to the Fiscal Cliff, Ernst & Young released a paper on our behalf that predicted the higher rates set to begin in 2013 would hurt investment and job creation by significantly hiking taxes on mid-sized employers. Over the long-term, E&Y estimated the U.S. would lose 710,000 jobs.

Now McGladrey’s survey shows just how those job losses and lower investment …

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admin2019-02-01T20:01:38+00:00October 20, 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|

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|

Extenders in Play

Tax extenders have gone from the back bench to a starring role in recent weeks. The latest news is that the Ways and Means Committee will hold a markup next Tuesday where they will consider seven separate bills to make permanent certain extender items – including the built in gains tax relief provision and the basis adjustment for S corporation donations that were originally included in Chairman Camp’s tax reform discussion draft. According to our friends at Politico:

EXTENDERS BUZZ. Congress is back next week and the House Ways and Means Committee is kicking up its review of the …

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admin2019-02-01T20:05:24+00:00April 25, 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|