sting tax - The S Corporation Association

S-CORP Leads Coalition Push for S Corporation Reforms in Minimum Wage Bill

The S Corporation Association (“S-CORP”) today sent a letter to congressional tax writers advocating for the inclusion of S corporation reforms in the final small business tax relief package and for the need to make these provisions effective immediately.

Signed by the S Corporation Association, the Associated General Contractors, the Printing Industries of America, the Independent Community Bankers of America, the Association for Manufacturing Technology, America’s Community Bankers, and the National Roofing Contractors Association, the letter emphasizes the important role S corporations play in the growth of small businesses and the …

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admin2019-02-06T18:46:05+00:00February 28, 2007|

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|

Finance Holds Small Business Tax Relief Hearing — S CORP Submits Testimony

Today, the Chairman of the S Corporation Association Advisory Committee, James Redpath, submitted testimony on S Corp reform to the Senate Committee on Finance. The Senate Finance Committee held the hearing on small business tax relief as part of its preparation for Senate consideration of the minimum wage increase. As Jim pointed out in his testimony:

I am concerned that many of the companies that will bear the impact of this increase in labor costs are closely-held or family-owned businesses structured as Subchapter S corporations. My goal is to provide you with …

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admin2019-02-06T18:46:06+00:00January 10, 2007|

So Little Time, So Many Tax Bills

Congress has about six weeks left of session before it leaves for the mid-term elections and a very full list of unfinished items on the agenda. Just on the tax front, there is possible action on:

changes to the estate tax rules
reform of our pension system
extension of expiring tax provisions like the R&E tax credit
a potential energy tax package
and a possible increase in the minimum wage bill combined with small business tax provisions.

While we would never close the door on full consideration of each of these items, the closer we get to the election and a very probable lame-duck session of …

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admin2019-02-06T18:47:19+00:00July 18, 2006|

House Approves $70 Billion Tax Cut Bill

Yesterday, by a vote of 244-185, the House approved the long-delayed tax reconciliation bill (H.R. 4297) following an agreement between House Ways and Means Committee Chairman Bill Thomas (R-CA) and Senate Finance Committee Chairman Chuck Grassley (R-IA) that a follow-up tax extenders bill may be attached to pension reform legislation.

The reconciliation tax bill includes a two-year extension of the reduced tax rate on capital gains and dividends, a one-year extension of alternative minimum tax relief for middle-income tax payer, a two-year extension of increased small-business expensing under section 179, and extension of the subpart F exemption for active financing income.

Fourteen …

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admin2019-02-06T18:47:20+00:00May 11, 2006|