Washington Wire
S-Corp Submits Comments to Main Street Tax Team
Another update on the Ways & Means “Tax Team” front. The S Corporation Association today submitted its comments making the case for fair treatment of pass-through businesses, including a permanent Section 199A pass-through deduction. The letter is addressed to the Main Street Tax Team, one of ten teams organized by Ways & Means Chairman Jason Smith to identify solutions to the 2025 fiscal cliff, and it covers the various key aspects of how pass-through businesses …
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CTA Update | September 16, 2024
Notable Developments
- Main Street backs latest delay effort
- CTA gets high profile callout
- FinCEN issues updated guidance
- All-cash homebuyers get BOI treatment
Legislative Update
Following Congressman Zach Nunn’s (R-IA) introduction of the Protect Small Businesses from Excessive Paperwork Act (H.R. 9278) – legislation which would delay the CTA’s reporting requirements by one year – S-Corp joined with more than 150 trade associations to support the bill.
As our post notes, The Nunn bill is in …
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199A EY Study: Briefing Recap & Recording
Earlier this week S-Corp hosted a briefing to present the results of its latest study, which illustrates just how much economic activity is supported by the Section 199A deduction. The event featured Bob Carroll, Co-Director of EY’s US National Tax Quantitative Economics and Statistics Group (QUEST) and author of the new report, who walked through his findings. (Click here to watch a replay of the briefing.)
…S-CORP Briefs Tax Team on 199A Study
Earlier today S-CORP President Brian Reardon was on Capitol Hill to brief members of the Main Street Tax Team on our new study that quantifies the economic footprint of the Section 199A deduction.
Congressman Lloyd Smucker, Chair of the Main Street Tax Team and lead sponsor of our 199A permanence bill in the House, led the meeting and was joined by Representatives Ron Estes of Kansas, …
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Millions of Jobs at Risk without Section 199A
Today, S-Corp released its latest study in support of the Section 199A deduction for small and family-owned businesses. Authored by Robert Carroll at EY, the study focuses on the economic footprint of the 199A deduction and answers the question: “Just how much economic activity is supported by Section 199A?”
You can access the full report here: As it states:
This report estimates the US economic activity – jobs, employee compensation, and gross domestic product (GDP) – …
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Main Street Backs Bipartisan CTA Delay Bill
Today the S Corporation Association joined with 150 of its trade association allies to support legislation to delay the Corporate Transparency Act’s year-end reporting deadline.
The bill, H.R. 9278, was introduced by Iowa Congressman Zach Nunn (R) and enjoys bipartisan support. Its purpose is straightforward – provide much-needed relief to tens of millions of small businesses and other entities subject to the CTA’s reporting requirements. As the letter notes:
The CTA is unique in that it …
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North Carolina Roundtable Highlights 199A
Earlier today members of the Main Street Employers Coalition met for a roundtable event in Greenville, North Carolina, hosted by Congressman Greg Murphy. The gathering was part of a broader House Ways & Means Committee initiative to solicit input from the business community as lawmakers develop legislative solutions to avert the 2025 fiscal cliff. It also comes on the heels of similar events with Congressman Smucker in Pennsylvania and Congressman Steube in …
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Talking Taxes in a Truck Episode 39: Ken Kies
Our guest this week is Ken Kies — Managing Director of the Federal Policy Group, a former Chief of Staff at the JCT, and one of DC’s foremost tax policy experts. Ken discusses the looming “fiscal cliff” and what it means for pass-throughs, outlines the long-term fiscal imbalance we face, and shares his best marathon training tips.
This episode of Talking Taxes in a Truck was recorded on August 5th, 2024, and runs 38 minutes long.
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