update - The S Corporation Association

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 Thereb s still no consensus on spending levels or tax policy beyond the end of the year.B Key dates in the agreement are:

December 13^th — Target for budget conferees to agree to a uniform budget
January 15^th — Current government funding resolution (CR) expires
February 7^th — Debt limit reached again

At this point, agreeing to a budget resolution would be a big deal.B Not only could …

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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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