Washington Wire

The Corporate Transparency Act: Bad Policy and Unconstitutional

November 18, 2022|

As we’ve observed previously, the Corporate Transparency Act is a poorly constructed bit of law. It will do little to combat money laundering as the criminals will simply refrain from self-reporting their crimes, but it will saddle millions of lawful small business owners with yet another reporting requirement as well as an opportunity to have their personal information spread all over the internet.

On Tuesday the National Small Business Association (NSBA) highlighted another reason to

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Webinar Replay: Midterms Recap

November 11, 2022|

On Thursday S-Corp hosted a webinar to break down the results of the midterm elections, and explain what it all means for the S corporation business community.

Hosted by S-Corp President Brian Reardon, the webinar laid out everything we know so far about the results, including why an expected “Red Wave” never actually reached the shore, the various scenarios that could still play out in the House and Senate, and the implications for tax policy in

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Talking Taxes in a Truck Episode 23: “Maybe Everything We Know Is Wrong”

November 3, 2022|

For this special Midterm Elections-themed podcast we’re joined by Jade West, Chief Government Relations officer at the National Association of Wholesaler-Distributors and Liam Donovan, a Principal at Bracewell. Jade, Liam, and Brian kick things off by talking about whether we can expect a “Red Wave” in the House – and if so, how big. Later the group breaks down each of the hotly-contested Senate races, and explains why the polls might be wrong once again.

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Quick Take on the Tax Gap

November 2, 2022|

Last week’s release of new Tax Gap estimates continued the recent spate of good news on the tax front.  Recall that Treasury’s end-of-fiscal year results earlier this month showed collections rose 21 percent to a whopping $4.9 trillion.  As measured against GDP, that’s the third highest tax take in our history.

Individual receipts, including pass-through payments, were a key part of that growth. They accounted for most of the increase, rising by $593 billion,

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Legislative Outlook: Lame Duck and Beyond

October 28, 2022|

Last week we previewed the Midterm elections and shared our thoughts about how things will likely shake out. Today we’ll take a look at how those results will impact tax policy in the lame duck and beyond, with a focus on what it all means for the S corporation community.

Lame Ducks Tend to be Lame

Let’s begin with the bottom line – we don’t expect much from this lame duck.  There’s been lots of chatter

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Election Outlook

October 21, 2022|

The elections are less than a month out, and the implications for S corporations are huge.  If Democrats retain control, we can expect two more years of policy risk, with the threat of higher rates and increased estate tax levies looming large. If Republicans take either the House or the Senate, we can expect two years of divided government, with limited opportunities for tax policy to move and the focus shifting to the policy cliff

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Talking Taxes in a Truck Episode 22: Tax Girl

October 7, 2022|

Our latest podcast guest is Kelly Phillips Erb, managing shareholder at the Erb Law Firm, Team Lead for Insights and Commentary at Bloomberg Tax and Accounting, and the face behind the excellent @TaxGirl Twitter account and taxgirl.com blog. Kelly kicks things off with an overview of the ENABLERS Act, and explains how the broadly-written bill could put millions of law-abiding businesses and employees in the Treasury Department’s crosshairs. Later, Kelly and Brian do

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Main Street Opposes ENABLERS Act

September 29, 2022|

The S Corporation Association joined with dozens of associations today to oppose the ENABLERS Act, legislation that would adversely affect millions of businesses, charities, and foundations, as well as their employees and investors. More than 75 organizations signed onto the effort, including NFIB, the American Farm Bureau Federation, the U.S. Chamber of Commerce, and the Real Estate Roundtable.

The ENABLERS Act seeks to dramatically expand the reporting requirements put in place by the Corporate Transparency

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