Washington Wire
The Experts are Wrong (Part 4)
The key debate before Congress next year is how to tax large, family-owned businesses. There is no debate over how to tax smaller businesses. Nobody on the left or right is arguing to raise taxes on small businesses.
This reality is lost, once again, on the tax experts. For example, several economists at Treasury are out this month with a new paper on business tax rates and our friends at the Tax Foundation have already …
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Event Spotlights Section 199A Permanence
Earlier today our friends at NFIB held an event on Capitol Hill focused exclusively on the looming expiration of the Section 199A deduction, and what it means for the Main Street business community.
The event kicked off with a discussion featuring Ways and Means members Lloyd Smucker (R-PA) and Brad Schneider (D-IL). S-Corp readers will recognize Smucker as the lead sponsor of our Main Street Certainty …
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CTA Update | November 13, 2024
Notable Developments
- Lawmakers ramp up pressure on FinCEN
- Revisiting compliance cost estimates
- Trump officials slam CTA
- FinCEN offers limited filing relief
- Physicians join the legal fight
* * *
Legislative Update
Last week more than 40 lawmakers sent a letter to FinCEN requesting a one-year delay of the CTA’s fast-approaching reporting deadline. The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to …
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Lawmakers Renew Push for CTA Delay
Here’s a bit of good news on the Corporate Transparency Act front. More than three dozen lawmakers have sent a letter to the Financial Crimes Enforcement Network requesting a one-year delay of the CTA’s fast-approaching reporting deadline.
The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other …
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Congressman Hern Hosts 199A Roundtable
The Main Street Employers Coalition gathered in Oklahoma City earlier today for a roundtable discussion with Congressman Kevin Hern, himself a former pass-through owner and an original cosponsor of our 199A permanence bill.
It was a perfect venue for the gathering. Nearly two out of every three private sector jobs in Oklahoma are supplied by pass-through businesses who rely on 199A to reinvest in their workers and their communities, all while …
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CTA Update | October 23, 2024
Notable Developments
- Request for Signatories: Member letter to FinCEN
- FinCEN says tech issues are your fault
- Updated FAQ limits CTA exemption
- HOAs have their day in court
- TD Bank case shows the current system works
Legislative Update
Congresswoman Lisa McClain is circulating a letter (linked here) requesting that FinCEN delay the CTA’s year-end reporting deadline and is requesting support from additional offices. Word is Financial Services Committee member French Hill (R-AR) has signed on.
For staffers …
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Congresswoman Beth Van Duyne Hosts Texas Roundtable on 199A
Members of the Main Street Employers Coalition today joined Congresswoman Beth Van Duyne to discuss the critical role the Tax Cuts and Jobs Act (TCJA) and its Section 199A Main Street business deduction have played in driving investment and supporting job creation. It was the fifth event (see here, here, here, and here) we’ve helped organize under the Ways & Means tax teams banner, an effort initiated by committee Chairman Jason Smith aimed at …
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Tax Teams Comment Summary
Back in April, Chairman Jason Smith announced the formation of ten tax teams designed to identify legislative solutions to avert the coming 2025 fiscal cliff.
In addition to engaging directly with Main Street employers through hearings and roundtables (see here, here, here, and here), the effort requested feedback from stakeholders as to their priorities for the coming year. S-Corp and its allies responded with numerous comments, including:
- Main Street …
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