Washington Wire

Wait, What???

May 28, 2024|

Under the category of “Care to elaborate?” this month’s CBO analysis of the fiscal cliff costs includes estimates of the Section 461(l) excess loss provision that are, shall we say, significantly revised. The new numbers are much more believable, but they do beg the question of what took the JCT so long to rework their original estimates.

To review, the TCJA capped the ability of pass-through business owners to deduct their active business losses.

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The Bull Case for a Bipartisan Fiscal Cliff Deal

May 20, 2024|

For years we’ve been sounding the alarm over the 2025 “fiscal cliff,” a watershed moment that will force lawmakers to address a litany of expiring tax provisions or risk a massive tax hike on families and Main Street businesses.  Below is a look at what’s at stake for Main Street businesses and our bull case for Congress taking action next year.

Sunsets and Families

One TCJA myth is that it benefited big corporates and billionaires only. That’s

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Talking Taxes in a Truck Episode 37: Carol Roth Explains Why It’s Time to Repeal the CTA

May 6, 2024|

Our latest podcast guest is Carol Roth, a New York Times bestselling author, small business advocate and most recently, a staunch ally in the fight to repeal the burdensome and ill-conceived Corporate Transparency Act.

Carol starts by talking about how her time in the investment banking world exposed her to the uneven playing field between small businesses and larger corporations, and how that experience led her to become a Main Street advocate. Later she dives deep

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House Small Business on CTA

April 30, 2024|

With the Corporate Transparency Act in effect for several months now, the House Small Business Committee convened to discuss how the rollout of the new law is going. The short answer – not so good.

The hearing featured testimony from three small business stakeholders who covered everything from compliance costs to legal and cybersecurity risks posed by the reporting requirements.

The first witness was Carol Roth, whose

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Main Street Backs CTA Repeal

April 29, 2024|

Today over 100 trade associations, representing millions of small businesses nationwide, strongly supported legislation introduced by Representative Warren Davidson (R-OH) to repeal the Corporate Transparency Act (CTA).

Appropriately named the “Repealing Big Brother Overreach Act”, the legislation would put an end to the onerous and poorly-conceived reporting regime that targets virtually every small business operating in America. That effort will also be joined by Senator Tommy Tuberville (R-AL), who plans to introduce a companion bill

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Fiscal Cliff Gets Renewed Focus

April 25, 2024|

In a sign that lawmakers are not content simply waiting until next year to address a litany of scheduled tax hikes, House Ways & Means Committee Chairman Jason Smith yesterday announced a series of “tax teams” tasked with identifying legislative solutions to avert the 2025 fiscal cliff.

Ten groups in total, each comprised of at least give Republicans from the panel, will address a specific policy area, from manufacturing to global competitiveness.

The team that caught

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Support CTA Relief

April 16, 2024|

The House Small Business Committee is holding a hearing on the Corporate Transparency Act later this month. One witness will be Carol Roth, a bestselling author and small business advocate who has helped lead the charge against the poorly crafted law.

We’ve covered the CTA at length over the past few years but the bottom line is that while reporting under the CTA started already and the deadline is the year’s end, only

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Main Street on the Hill

April 16, 2024|

S-Corp and its friends at the National Federation of Independent Business hosted a Tax Day briefing for Hill staff and other stakeholders yesterday. The topic: the massive tax hikes threatening Main Street at the end of 2025.

As readers know, the expiration of the Section 199A deduction coupled with significant increases in the marginal rates paid by the 95 percent of businesses nationwide is a significant challenge

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