Ways and Means

/Tag: Ways and Means

Brady Elected Chairman of Ways and Means

On Wednesday, the Republican Steering Committee tapped Rep. Kevin Brady (R-TX) to succeed Speaker Ryan as the committee’s chairman. Both he and his challenger, Rep. Pat Tiberi (R-OH), are strong allies of S corporations and pass-through businesses, so we excited to see him take on the gavel. What does Brady’s ascension mean for tax policy?  The Wall Street Journal has an interview with the new Chairman this morning, where Brady makes clear he wants to move a robust tax extender package (yea!) this fall then spend next year pushing the “step one, step two” plan for tax reform outlined by ...

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By |2015-11-13T21:10:51+00:00November 6th, 2015|Uncategorized|0 Comments

What’s On Deck for the Rest of 2015

Speaker Boehner had a three step plan at the beginning of October: 1) Resign at the end of the month; 2) Clear the legislative decks of controversial and difficult items; 3) Turn the gavel over to a new Speaker to begin their tenure with a clean slate. Looking back, he pretty much pulled it off.  Sure, the Speakership went to Paul Ryan, not Kevin McCarthy, and not all the tough legislative items cleared Congress, but the simple fact is that Speaker Ryan begins his term with a much more manageable set of issues than the laundry list of must pass ...

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By |2015-11-02T21:06:07+00:00November 2nd, 2015|Uncategorized|0 Comments

S-CORP Clips | October 1-10

A compilation of the business tax related stories that caught our eye   Administration on Tax Reform The President’s economic advisors have been unusually busy in recent weeks.  National Economic Council Director Jeffrey Zients was firm in his conviction that tax reform could get done in the new Congress, citing the “remarkably overlapping” approaches of Obama’s plan and the Camp draft. It is true there are some common themes in the Camp and Administration proposals, but also there are major – and fatal – differences as well, including: The Camp Draft is budget neutral while the Administration’s plan would raise ...

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By |2014-10-10T19:13:33+00:00October 10th, 2014|Uncategorized|0 Comments

Thune Files S-CORP Amendment

More good news on the tax front.  Senator John Thune (R-SD) has filed an amendment making permanent two key S corporation reforms.  Joined by Senators Ben Cardin (D-MD) and Pat Roberts (R-KS), the Thune amendment would make permanent the shorter, five-year recognition period for built-in gains as well as an improved basis adjustment for charitable contributions by S corporations. The text of the amendment is identical to the text of H.R. 4453 and H.R. 4454, legislation sponsored by Representatives Dave Reichert (R-WA) and Ron Kind (D-WI) that passed the Ways & Means Committee earlier this month and are due to ...

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By |2014-05-15T19:16:56+00:00May 15th, 2014|Uncategorized|0 Comments

Ways & Means Votes for Permanent BIG Relief!

Earlier today, the House Ways and Means Committee voted out a number of business-friendly tax provisions, including two S corporation reforms introduced by Reps. Dave Reichert (R-WA) and Ron Kind (D-WI). You can click here to watch the video of the markup in its entirety. The first bill (H.R. 4453) makes permanent a five-year built-in gains recognition period while the latter (H.R. 4454) does the same with a basis adjustment for charitable giving by S corporations. Both provisions were included in Chairman Camp’s tax reform draft and were voted out of Committee with comfortable majorities. In a related effort, two ...

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By |2014-04-29T21:46:01+00:00April 29th, 2014|Uncategorized|0 Comments