tax reform - The S Corporation Association

New Tax Writers

The Senate last week announced the new members of the tax-writing Finance Committee. The announcement followed several weeks of negotiations over committee ratios of Democrats to Republicans, in addition to a related fight over amending Senate rules. The fact that committee assignments were announced on the same day that the Senate voted on some of those reforms is no coincidence.

As to the Finance assignments themselves, the Committee is getting one new Democrat and two new Republicans, bringing the Committee’s overall membership up to 24– an increase of one from last Congress, with 13 Democrats and 11 Republicans. The new members …

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admin2019-02-01T20:48:06+00:00February 1, 2011|

Rate Debate is All But Over

Another interesting week in our nation’s capital. The big news is the tax deal struck between Congressional Republicans and the White House. We expect this deal to pass, with few changes, either next week or when Congress returns the first couple weeks in January. Here are some useful summaries and the legislative text if you’re interested:

The Senate is going to take the package up on Monday and should pass it Tuesday night or Wednesday morning. It then goes to the House, where it faces an angry liberal caucus and …

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admin2019-02-04T15:47:03+00:00December 10, 2010|

Latest on Rate Debate

Congress and the Administration continue to move through the three-step dance necessary to come to closure on the debate over extending expiring tax provisions.

Step 1 took place two weeks ago when the Democratic and Republican leadership met with President Obama. The meeting didn’t result in any agreements, but it did move the ball forward when both sides agreed to appoint six negotiators to begin talks — Treasury Secretary Geithner, OMB Director Lew, House members Van Hollen (D-MD) and Camp (R-MI), and Senators Baucus (D-MT) and Kyl (R-AZ).

Those negotiators have been meeting regularly and any agreement they reach would act as …

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admin2019-02-04T15:47:03+00:00December 6, 2010|

Small Business Tax Package Recap

With the Senate back in town this week, here’s a quick recap on the status of the S Corp reform tax title we’ve been advocating in Congress:

First, on January 10th, the House passed a clean minimum wage increase and sent the legislation to the Senate.
Second, on January 31st, the Senate added by voice vote $8 billion worth of small business tax provisions to the House wage increase, including an S Corporation Reform tax title incorporating several S Corp priorities.
Third, on February 16th, the House adopted its own $1 billion small business tax relief alternative to the Senate package. This package …

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admin2019-02-06T17:21:00+00:00April 10, 2010|

Stimulus Package Discussed

Following a closed-door planning session today of members of the Senate Finance Committee, we expect the Committee will mark-up the tax portions of a stimulus package as early as January 22^nd. As we indicated previously, committee members are committed to exerting their jurisdiction over the tax portions of the package. Moreover, there appears to be a growing debate over certain provisions in the Obama plans. As Dow Jones reports this afternoon:

“When asked about specific tax cut proposals made by Obama, Kerry said, “I think there are cuts …

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admin2019-02-06T17:22:36+00:00January 8, 2009|