Washington Wire

Stop the Surprise Small-Business Tax Increase

September 29th, 2020|

An Op-ed by Christopher Smith, Executive Director of the Parity for Main Street Advisors coalition, ran this morning in the Morning Consult.

The Payroll Protection Program enacted this past spring has helped millions of employers and workers survive an economy that was in freefall from COVID-related closures. Now, with the recovery underway, those same small businesses will face a surprise $100 billion tax hike if Congress fails to act soon. 

The PPP program’s design was simple –

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Tax Outlook Under a Possible Democratic Sweep

September 23rd, 2020|

On September 22nd, S-Corp hosted a Zoom briefing entitled “Tax Outlook under a Possible Democratic Sweep” featuring George Callas, Managing Director, Government Affairs at Steptoe Johnson LLP, and Brian Reardon, President of the S Corporation Association.  With the former Vice President continuing to lead in the polls and the elections less than two months out, taxpayers are taking a harder look at his policies and considering what might emerge from a Democratic-led Congress next year. 

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Priorities for Reopening Main Street

August 31st, 2020|

The Commerce Department last week revised its 2nd Quarter GDP estimates showing the economy shrunk by nearly one-third.  In a $22 trillion economy, that translates into nearly $2 trillion in lost wages, profits, retirement savings, etc.

The threat of this precipitous decline was the catalyst for the business community letter dated back on March 18th.  As Governors closed businesses and schools to slow the spread of COVID-19,

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Avoiding a $100 Billion Tax Hike on Main Street

August 4th, 2020|

As the Administration negotiates with Congress over the next round of COVID-19 relief, here’s a simple way they can help Main Street businesses to the tune of $100 billion plus… just do what Congress intended.

That’s the message more than 170 business trades are sending to congressional leadership today.  The letter, signed by the Farm Bureau, NFIB, AICPA, the National Restaurant Association, the National Retail Federation among others, makes clear that loan forgiveness under the

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Senate Amendment Targets Private Businesses

June 28th, 2020|

The Senate this week will debate an amendment to require private companies to annually report the personal information of their owners to the Financial Crimes Enforcement Network (FinCEN) at the Department of Treasury, or face large fines and multi-year jail sentences.

The amendment — sponsored by Senate Banking Committee leaders Mike Crapo (R-ID) and Sherrod Brown (D-OH) – mirrors the Corporate Transparency Act of 2019 that passed the House last fall.  If it passes

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