income tax - The S Corporation Association

Congressional Budget Takes Form

Lots of budget related news in recent days with implications for small business taxpayers. First, the Congressional Budget Office weighed in last week with its analysis of the Obama budget outline and estimated that the Administration’s proposals, if enacted intact, would double the overall deficit over the next ten years.mThe numbers are truly staggering and should scare any reasonable person who plans to be a taxpayer over the next several decades. Starting with a deficit of around $1.8 trillion this year — …

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admin2019-02-06T17:22:35+00:00March 25, 2009|

President to Sign Fiscal Stimulus

The President is expected to sign the fiscal stimulus package on Wednesday. After two weeks of hand ringing and posturing, the Senate finally adopted a slightly modified version of the bill the House and the President originally had negotiated.

As sent to the President, the package would:

Send checks of $600 per filer and $300 per child to families with joint incomes of less than $150,000. Actual amounts will be calculated based on income tax filings for 2007, so expect the actual checks to be in the mail by late spring and early summer.
Encourage new business investment by increasing the limit on …

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admin2019-02-06T18:43:57+00:00February 11, 2008|

Tax Bill Offset Tally

To simplify tracking of the various tax bills under consideration by Congress, we’ve put together a chart of what’s moving and what’s being discussed, including separate tax bills on the AMT, energy production, education, housing, family tax relief, children’s health insurance, and international tax provisions.

As you can see, the total cost of the bills contemplated could exceed $1 trillion (!) over ten years. That’s a lot of offsets for Congress to generate, which suggests many of these bills will be delayed and/or scrapped as Congress weighs the benefits of action …

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admin2019-02-06T18:44:38+00:00June 11, 2007|

S Corps Everywhere!

You couldn’t swing a dead cat in Washington last week and not hit somebody busy touting the benefits of S corporations to the American economy, job creation, and retirement security. First, the President highlighted S corporations while defending his record on tax policy at a news conference last week :

I believe if the Democrats had the capacity to, they would raise taxes on the working people. That’s what I believe. They’ll call it tax on the rich, but that’s not the way it works in Washington, see. For example, running up the top income tax bracket would tax small businesses. …

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admin2019-02-06T18:47:19+00:00September 22, 2006|