senate - The S Corporation Association

Big Picture on Pass-Through Taxation

Our expectation for 2013 is continued guerrilla warfare on specific tax hike proposals coupled with the looming threat of larger tax hikes when Congress next addresses the debt limit. Add in the determination of both tax-writing committee chairmen to pursue comprehensive reform, and you have a good understanding of how we’re going to spend our time over the next year:

Working with the tax committees to make their tax reform proposals as business friendly as possible;
Fighting the Administration’s efforts to turn tax reform into another opportunity to raise taxes on Main Street Employers; and
Fighting specific proposals to unfairly target S corporations …

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admin2019-02-01T20:11:35+00:00February 14, 2013|

Built-In Gains Relief in Fiscal Cliff Deal

Happy New Year everyone!

As everyone knows, the President signed into law H.R. 8, the so-called mini deal addressing the fiscal cliff yesterday.

The agreement was the result of negotiations between Vice President Biden and Senate Republican Leader McConnell and effectively reduces tax revenues over the next ten years by just short of $4 trillion dollars.

It passed the Senate easily early New Year’s morning by an 89-8 vote and then, after a little drama with the House Republican conference, passed that body on a much closer 257-167 vote that evening.

For S corporations, the package is a mixed blessing. Under the agreement, top …

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admin2019-02-01T20:11:48+00:00January 3, 2013|

Tax Outlook

With the Republican convention behind us and the Democratic one this week, we thought it would be worthwhile to assess what the business community can expect on taxes in the next six months. We break the outlook into three buckets:

First, the need to extend the tax policies set to expire on January 1;
Second, the need to make more fundamental changes to the tax code; and
Third, what to do about those pesky tax “extenders?”

2001 & 2003 Tax Cuts

Bucket one is easiest, since both sides have outlined their positions. The Republican House adopted legislation to generally extend all the 2001 …

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admin2019-02-01T20:12:49+00:00September 4, 2012|

Rate Debate Update

The rate debate continues. Last week, the Senate failed to extend all the current tax rates and policies by a vote of 45-54. Two Republicans voted against the measure because of a refundable credit issue and one Republican missed the vote due to illness, but even if you adjust for those votes, the Senate still came up short of a majority for not raising taxes on employers during a period of severely high unemployment.

Very disappointing and something pass-through businesses and the markets should pay sharp attention to.

We expect better results today and tomorrow when the House votes on two related …

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admin2019-02-01T20:12:58+00:00August 1, 2012|

Rate Debate Begins

Majority Leader Harry this week filed a motion to proceed to the Senate Democratic bill (S 3414) to extend the Bush tax cuts for all taxpayers except the top two brackets. A procedural vote is scheduled for tomorrow.

Senate Republicans will push to have a vote on their own version which will extend current tax policies for all brackets. If an agreement is not reached on allowing alternatives, Republicans could try to block consideration of the Democratic bill.

So we now have competing proposals before the US Senate, which begs the question, does Leader Reid have the votes? He starts with 53 …

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admin2019-02-01T20:13:04+00:00July 24, 2012|