Washington Wire

Debt Limit Deal

May 31, 2023|

The BIG news over Memorial Day was the debt limit deal reached by President Joe Biden and Speaker Kevin McCarthy. While the package is an obvious compromise, the result is a big positive signal for the long-term budget picture that should not be overlooked. It’s also a signal that, with tensions high and a hostile press, the government can still operate as it is supposed to.

The deal centers on a suspension of the debt ceiling

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Talking Taxes in a Truck Episode 27: “We’re Not Sure, But It’s Probably Not Good”

May 24, 2023|

For today’s Debt Ceiling-themed episode, we’re joined by repeat guest Joe Lieber, Director of Research at Washington Analysis, an institutional research firm that closely tracks the goings-on in Congress. Joe offers his thoughts on the debt limit negotiations and the odds of a deal being reached, the surprising dynamics within the House Republican caucus, and which provisions are likely to emerge from a potential deal. Later he breaks down how Wall Street and Main Street

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Main Street Tax Certainty Act

May 18, 2023|

Good news for Main Street! Long time S-Corp champion Senator Steve Daines from Montana plans to introduce his “Main Street Tax Certainty Act” later today.  Cosponsored by more than a dozen of his colleagues, the bill would prevent rate hikes on America’s individually and family-owned businesses by making permanent the Section 199A 20-percent deduction.  This deduction was created by the Tax Cuts and Jobs Act but is scheduled to sunset at the end of 2025.


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A Post-Disinflationary World

May 9, 2023|

Today’s meeting between Congressional leaders and the President is the first of many to come in what might be termed the post-disinflationary world.

Interest rates peaked at 16 percent in the early 1980s and, following the Volker rate hikes and a nasty recession, the US embarked on an unprecedented 40-year disinflationary period where rates went from record highs to record lows.

Well, that’s over. Rising prices and

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Talking Taxes in a Truck Episode 26: “Testifying Ain’t Easy”

April 21, 2023|

Fresh off of her triumphant visit to Capitol Hill we’re joined by Lynn Mucenski-Keck, an S-CORP Advisor and Principal at top-25 public accounting firm Withum. Lynn recaps her appearance before the House Small Business Committee, including the specific tax provisions discussed, her back and forth with some of the panel’s members, and her thoughts on the whole experience. Later we discuss IRS funding, advice for aspiring CPAs, and how Artificial Intelligence might shape the

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S-CORP Testifies

April 19, 2023|

The S Corporation Association took center stage on Capitol Hill yesterday at a Tax Day hearing before the House Small Business Committee.

Lynn Mucenski-Keck, an S-Corp Advisor and Principal at the national accounting firm Withum did a great job representing the pass-through community at the hearing focused on business tax issues and the impact they have on the small business community.

As S-Corp readers know, Lynn is

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IRS Plan Light on Details

April 14, 2023|

Last week, the IRS released a 150-page document outlining how it will spend some $80 billion in new funding authorized in the Inflation Reduction Act. The good news is that the report places a heavy emphasis on improving customer service. That includes processing returns faster, increasing the number of forms that can be filed electronically, improving its telephone service, and other important steps. It also includes a host of new initiatives and milestones

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A Main Street Care Package

April 6, 2023|

Word on the street is that House Republicans will put together a package of pro-growth provisions later this Spring, including a tax title. The effort is timely given our uncertain economic outlook and the current tax landscape, and it works especially as a counter to the Biden administration’s aggressively anti-Main Street budget proposals.

What might make it into the tax package?  Here are some suggestions.

Inflation, EBIT, and 163(j)

A big revenue raiser in the Tax Cuts

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