tax relief - The S Corporation Association

Bailout Watch

The ongoing soap opera of the auto bailout continues, with Congress failing to find a means of balancing the needs of Detroit with the concerns of taxpayers and Senate Republicans. As a result, the bailout stalled in the Senate last week and the Administration appears poised to step in and use whatever authority it has — TARP, Treasury, Fed — to provide the companies with the liquidity necessary to survive into the New Year and the next Administration. A nice little Christmas present for the Obama economic team, indeed.

Whatever happens, what is clear is that the plight of Detroit will …

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admin2019-02-06T17:22:36+00:00December 17, 2008|

Second Stimulus on the Horizon

A second stimulus package is being formulated up on the Hill, but is by no means a done deal at this point.B Just before adjourning for the election, the House passed a $61 billion bill containing infrastructure spending, aid to state governments and increased unemployment benefits, which will likely serve as a starting point for second stimulus discussion.B That package included:

$30 billion for infrastructure projects including highways, bridges, transit and water projects;
$1 billion for public housing;
$2.6 billion for food stamp program;
A temporary increase in Federal Medicaid assistance to states; and
An extension in unemployment …

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admin2019-02-06T17:22:36+00:00November 10, 2008|

S Corp Champions Push BIG Relief

As Congress moves forward on the stimulus bill, the S Corporation Association continues to push Built-In Gains tax relief as a vital part of the package. If the economy is suffering from a lack of capital, BIG relief can help S corporations access capital currently locked-in by punitive tax rates.

As part of that effort, S-Corp allies Senators Lincoln (D-AR), Hatch (R-UT), Cardin (D-MD), and Snowe (R-ME) sent Senate leadership a letter today advocating for including BIG relief in the stimulus package. Their letter states:

Our proposal, as included in the S Corporation Modernization …

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admin2019-02-06T17:22:36+00:00October 29, 2008|

Bailout Takes Center Stage

Our friends at the Treasury spent the weekend working primarily with the House Financial Services Committee to refine the Administration’s emergency plan to purchase hundreds of billions of dollars worth of mortgage backed securities.

According to Bloomberg, the scope of the proposal has expanded to include other troubled assets, including credit card debts and car loans. Members of Congress are also weighing in, seeking to add additional provisions such as limits on executive compensation and the cramdown of loan balances under bankruptcy.

The goal of these talks is to get …

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admin2019-02-06T18:06:07+00:00September 22, 2008|

Tax Policy and Small Business

Earlier this week, the Wall Street Journal reviewed the most recent comments by Senator Barack Obama regarding his plans for tax policy.

As we noted in the past, the bias is for higher tax rates beginning sometime in the next Congress. This bias stems from the make-up of Congress and the scheduled expiration of the 2001 and 2003 tax cuts and exists regardless of who becomes President.

That said, the S corporation community should pay particular attention to some of the proposals put forward by the Obama campaign - specifically, his plan to raise marginal tax rates …

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admin2019-02-06T18:06:07+00:00September 12, 2008|