Home/Tag: holding period

S Corp Provisions on House Floor

Last Friday, longtime S-CORP allies Rep. Dave Reichert (R-WA) and Rep. Ron Kind (D-WI) introduced two pieces of legislation – H.R. 629 and H.R. 630 – to extend tax provisions critical to America’s 4.6 million S corporations.

The bills would make permanent the five-year built-in gains holding period as well as a basis adjustment fix for S corporations making charitable contributions.  They build off the momentum from last Congress when identical bills successfully passed the House with broad bipartisan support. These provisions are ones that we’ve championed for years, and go a long way towards making the tax

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2019-02-01T20:00:11+00:00February 3, 2015|

Built-In Gains Relief Passes the House, Headed to President!

Good news for investment and S corporations! The House yesterday adopted a five-year holding period for built-in gains as part of a larger small business tax bill; the temporary one-year provision would take effect in 2011. The bill now heads to the President and should be signed into law on Monday. As BNA reported:

The House voted 237-187 Sept. 23 to pass a small business bill (H.R. 5297) that includes $12 billion in tax cuts. The legislation includes a one-year extension of the 50 percent bonus depreciation provision created in the American Recovery and Reinvestment Act (Pub. L. No. 111-5), an

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2019-02-04T15:47:03+00:00September 24, 2010|

Payroll Tax Hikes Back On The Agenda

Last week, the S corporation community was put on high alert when we received word that an S corporation payroll tax increase similar to the provision from the old Rangel Mother bill (H.R. 3970) was being discussed as an offset to the extender package. The “Mother” provision (see Sec. 1211) would apply payroll taxes to all the service-related income of active shareholders of S corporations primarily engaged in service businesses. While we anticipate that the language of any new provision will differ somewhat from its 2007 predecessor, the general concept remains the same. As CongressDaily

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2019-02-06T17:21:00+00:00April 27, 2010|

Stimulus Deal Announced

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would reduce revenues by about $150 billion over ten years. The major provisions are:

  • Rebate checks (tied to a temporary cut in the 10% tax bracket) to families – $600 for singles making less than $75,000 and $1,200 for couples earning less than $150,000.
  • Fifty percent bonus depreciation for business investment through the end of 2008.
  • An increase in small business expensing (section 179) from $125,000 to $250,000.
2019-02-06T18:43:58+00:00January 25, 2008|