Washington Wire

S-Corp Protests PPP Loan Forgiveness Form

November 17th, 2020|

The Paycheck Protection Program has been one of the Federal government’s most successful responses to the COVID-19 pandemic, but it’s effectiveness has been hamstrung from the outset by the SBA and Treasury Department.

Today, the S Corporation Association joined 75 other trade groups in objecting to the latest misstep by the agencies – an intrusive and legally dubious 9-page “Loan Necessity Questionnaire” (Forms 3509 and 3510) that larger PPP borrowers would need to fill out

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The 2020 Elections and their Implications for Private Businesses

November 11th, 2020|

Are you a fan of the Progressive Insurance commercials making fun of mismanaged Zoom calls? Then you’ll love the blank Zoom screen for the first 10 minutes of our most recent S-Corp Member call covering the 2020 election results and what they mean for private companies.  You can access the full video here.  You can access the slide deck here.

We’re biased, obviously, but

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Treasury Blesses SALT Parity Reform

November 10th, 2020|

Huge news out of Treasury yesterday – the Department has blessed our SALT Parity reforms.  You can read the full Notice here.  As Law360 reports:

BREAKING: Treasury To Say Pass-through SALT Workarounds OK

State and local taxes imposed at the entity level on pass-through entities are permitted as a deduction and this “is consistent with the longstanding position” of the U.S. Department of the Treasury and the Internal Revenue Service

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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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