passive income - The S Corporation Association

Estate Tax Update

Where to start? The August break is nearly over and Congress is scheduled to return after Labor Day with a full agenda that includes finishing (or finishing off) health care reform, wrapping up all the spending bills, increasing the debt ceiling, doing something on the energy front, and adopting a package extending expiring tax provisions, including a possible estate tax compromise.

Earlier this month, Martin Vaughan of the AP had a nice piece outlining the current state of play on the estate tax. While the House is poised …

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admin2019-02-06T17:21:56+00:00August 31, 2009|

Finance Reports Out Small Business Tax Relief

In a bit of potential good news for small businesses, the Senate Finance Committee today adopted by voice vote an $8 billion package of small business tax incentives to accompany a planned increase in the minimum wage. Included in the package is a one year extension of the current Section 179 small business expensing limits, an extension of the Work Opportunity Tax Credit through 2012, and an extension of the shorter, 15-year depreciation lives for certain owner-occupied buildings. For S Corps, the package includes an entire title of big and small …

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admin2019-02-06T18:46:06+00:00January 17, 2007|

S-CORP and Congressional Small Business Advocates Continue Push for b�Sting Taxb� Relief

Congress has returned from a weeklong recess and once again will attempt to finish last year’s tax business: a $70 billion tax cut bill (the “reconciliation” bill) and a pension reform bill. The S Corporation Association (“S-CORP”) continues to work with congressional tax-writers to include a Senate-passed provision to provide “sting tax” relief for S corporations subject to double taxation at the highest corporate rate in the tax reconciliation bill. S-CORP salutes Senator Blanche Lincoln (D-AR) for leading a bicameral and bipartisan letter that was sent last night to the House and Senate conferees.

The letter urges House and Senate conferees …

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admin2019-02-06T18:47:20+00:00March 28, 2006|

S-CORP Victory in Senate Tax Bill; S Corporation Reform Legislation Introduced in the House!

November has been an active and exciting month for the S Corporation Association and we have much to be thankful for:

TWO S corporation modernization provisions approved by the Senate as part of a larger tax package
Efforts to oppose increased payroll taxes on S corporations continue to be successful
Congressman Clay Shaw along with Congressman Jim Ramstad introduce S corporation reform legislation in the House
Joint Committee on Taxation estimates revenue loss on built-in gains tax relief legislation

Before adjourning for a three-week recess, the Senate approved its reconciliation tax package that includes two provisions from the Subchapter S modernization and reform bill that …

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admin2019-02-06T18:48:18+00:00November 29, 2005|

INCREASED S CORP SCRUTINY

INCREASED S CORP SCRUTINY — JULY 28TH, THE HILL

Yesterday’s “The Hill” takes a look at the two challenges facing the S Corp community today- by modernizing S Corp rules to ensure S Corporations continue to thrive, and blocking misguided proposals to apply payroll taxes to all S Corporation income, regardless if that income is due to capital investment or even distributed to shareholders. Full article is attached below.

IRS FOCUSED ON S CORPS: JULY 27th, WALL STREET JOURNAL

Wednesday saw another story in the Wall Street Journal on the IRS’s plan to conduct special audits of 5,000 S Corps over the next …

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admin2019-02-06T18:48:18+00:00July 29, 2005|