Washington Wire
Congressman Kustoff Hosts 199A Roundtable in Memphis
Members of the Main Street Employers Coalition convened in Memphis, Tennessee yesterday for a roundtable event hosted by Congressman David Kustoff. It was the latest of many “Tax Teams” events we’ve held in recent months and is part of Ways & Means Chairman Jason Smith’s plan to solicit input from stakeholders as lawmakers work to avert the 2025 fiscal cliff.
The group in attendance spanned all corners of the Main Street business community, from wine and …
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CTA Pressure Ramps Up
As a followup to yesterday’s CTA Watch newsletter we wanted to highlight two notable items, starting with a great thread by our friend Liam Donovan from the Associated Builders and Contractors. Liam breaks down the history of the CTA, the statute’s underlying flaws, and where things currently stand:
Among his other points, Liam does an excellent job of explaining just how confounding the Senate’s failure …
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CTA Update | October 2, 2024
Notable Developments
- Weak compliance numbers heighten concern
- Appeals court hears oral arguments
- Full court press in Ohio
- CTA is not a tax enforcement exercise
* * *
Regulatory Update
New filing data from FinCEN is out and it paints a bleak picture when it comes to nationwide compliance rates. As the linked data shows, the vast majority of businesses required to file under the CTA have not done so – despite just three months to go before …
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S-Corp Submits International Tax Team Comments
More on the Ways & Means “Tax Team” front. The S Corporation Association today submitted its comments to the members of the Global Competitiveness Tax Team.
For many readers, the idea that the S corporation community has a large international presence may come as a surprise, but they do and the issues surrounding their treatment under Section 199A, GILTI, the IC-DISC, and Pillar 2 are substantial and worthy of Congress’ attention. As the comments state:
The …
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S-CORP Jobs App is Live!
Just in time for the fiscal cliff battle, the S-Corp Mobile App lets users see detailed employment data on pass-through businesses in their states and congressional districts, all on your phone and at the push of a button.
The goal here is to arm our allies and key stakeholders with the information they need as we head into the 2025 fiscal cliff battle. Backed by data from …
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S-CORP Allies Trumpet 199A
It’s been a busy month on the 199A front, thanks partially to our latest study showing the large amount of economic activity supported by the provision and the importance of making it permanent. (See here, here, and here for more on that.) Before the month wraps, we wanted to highlight a trio of additional 199A news items that caught our attention.
The first is Fox Business’ coverage of a press conference hosted …
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S-CORP Submits Excess Loss Comments
As part of the on-going Tax Team process in the House, the S Corporation Association today submitted comments focused on the Section 461(l) Excess Loss Limitation provision created by the Tax Cuts and Jobs Act (TCJA). This provision targeted pass-through businesses solely and has been the subject of much controversy, most particularly due to the wildly inaccurate scoring that accompanied the provision’s consideration by Congress.
S-Corp has been critical of Section 461(l) from …
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SBA Administrator Pushed on 199A
Earlier this week the House Small Business Committee held a hearing entitled “Holding the SBA Accountable” which featured testimony from Isabel Guzman, head of the Small Business Administration.
While most of the hearing focused on other issues, there was an important exchange between Administrator Guzman and Congresswoman Beth Van Duyne regarding Section 199A and its impact on the small business community:
Van Duyne: Last week, Senator Wyden held a hearing regarding the 2025 tax debate and …
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