Washington Wire

The “Experts” Get 199A Wrong

February 20, 2024|

When Congress finishes work on the tax package pending in the Senate, we expect the conversation to pivot rapidly to what we should do about all those expiring TCJA provisions at the end of 2025.

For S-Corp and its allies, our priority is to make the Section 199A deduction permanent and a big hurdle there is the lack of understanding of how pass-throughs are taxed and why the Section 199A small business deduction is

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FinCEN in the House

February 13, 2024|

The head of the Financial Crimes Enforcement Network (FinCEN) will testify tomorrow before the House Financial Services Committee (HFSC). The hearing will focus on the Corporate Transparency Act’s implementation and is a good opportunity for Congress to learn more about this trainwreck of a law and why it should be repealed.

The Corporate Transparency Act claims to target so-called shell corporations engaged in illicit transactions like money laundering and terrorism finance, but the law

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Talking Taxes in a Truck Episode 34: Piper Sandler’s Don Schneider on the Tax Package’s Fate, Looming Debt and Deficit Crisis, and Monetary Policy Outlook

February 5, 2024|

The House last week moved a large tax package. Will the Senate follow suit? To answer that and other burning questions, we spoke to Don Schneider, Deputy Head of U.S. Policy at Piper Sandler and the former Chief Economist at Ways & Means. Don explains why it might be too early to pop the champagne on the House-passed tax bill. Later he discusses the worsening spending crisis, what to expect from the Fed over the

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Tax Package Heads to the Senate

February 1, 2024|

Yesterday evening the House came out in strong support for the tax relief package negotiated by Chairmen Ron Wyden (D-OR) and Jason Smith (R-MO). Less than two weeks after sailing through the Ways & Means Committee, the bill passed the full House 357-70 and now heads to the Senate.  Below is a look at what’s inside the bill, its prospects in the upper chamber, and what it means for the Main Street business community.

Bill’s Provisions

The

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Talking Taxes in a Truck Episode 33: Eurasia Group’s Jon Lieber on the Tax Package, Elections, and more.

January 12, 2024|

We’re just two weeks into the New Year and Washington is already abuzz with potential deals on spending and taxes. What’s in the bill? What’s out? Can lawmakers get it across the finish line? This week we’re joined by Jon Lieber, head of research and managing director for the United States at Eurasia Group. Jon makes the bull and bear cases for a tax package moving and how it all affects the 2025 fiscal cliff

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2024 Tax Policy Outlook

January 10, 2024|

It still feels like the calm before the storm, but federal lawmakers are back in town to kick off what could be a surprisingly interesting year for tax policy. Below are a few items we’ll be watching closely on behalf of the pass-through business community.

Tax Package in the Funding Deal?

The big news this weekend was the deal reached by party leaders to keep the federal government funded through 2024. The deal calls for modest

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CTA Criticism Growing

January 3, 2024|

With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of the year to do so. Filers must also notify FinCEN of any changes to their initial report within

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Congress Moves CTA Delay (Maybe)

December 21, 2023|

Lots of action with the CTA in the weeks leading up to New Year’s. On Tuesday past, the House advanced the Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119) sponsored by Representatives Joyce Beatty (D-OH) and Zach Nunn (R-IA), legislation that would extend key deadlines under the Corporate Transparency Act. The bill passed on the Suspension Calendar – a procedural move reserved for non-controversial measures – and sailed through with

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