reform

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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 rules for ...

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By |2015-02-03T19:50:35+00:00February 3rd, 2015|Uncategorized|0 Comments

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 ...

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By |2014-10-10T19:13:33+00:00October 10th, 2014|Uncategorized|0 Comments

Tax Reform Rehash

The release of Finance Committee tax reform discussion drafts on cost recovery and international tax have laid bare a reality that's been hiding just below the surface for two years now the visions for reform embraced by the key House and Senate tax writing committees are dramatically different and move in opposite directions. The international drafts are a good example. The Ways and Means draft would move the tax treatment of overseas income towards a territorial system, while the Baucus draft would move towards a more pure worldwide system by largely eliminating deferral. Here's how the Tax Foundation described it: ...

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By |2014-02-28T19:35:55+00:00December 12th, 2013|The Washington Wire|0 Comments

Budget & Tax Policy Outlook

The agreement earlier this month between Senators Reid and McConnell reopened the government for a few months, but it failed to resolve any of the issues that precipitated the shutdown in the first place.B Therebs still no consensus on spending levels or tax policy beyond the end of the year.B Key dates in the agreement are: December 13th -- Target for budget conferees to agree to a uniform budget January 15th -- Current government funding resolution (CR) expires February 7th -- Debt limit reached again At this point, agreeing to a budget resolution would be a big deal.B Not only ...

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By |2013-10-31T19:06:32+00:00October 31st, 2013|The Washington Wire|0 Comments