Washington Wire

The Importance of NSBA’s Lawsuit

September 21, 2023|

The House Financial Services Committee held a markup yesterday to consider twelve pieces of legislation. Notably absent was the Protecting Small Business Information Act (H.R. 4035), a bill to delay the Corporate Transparency Act’s January 1, 2024 effective date. The Main Street business community recently voiced its support for that legislation and had hoped to see it taken up by the panel.

The Committee’s failure to act raises two key points.

First, it is obvious

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Talking Taxes in a Truck Episode 30: George Callas on Moore: Will the SCOTUS Upend the Tax Code?

September 16, 2023|

How far will the Supreme Court go when it takes up Moore later this year? Will the IRS need to start writing refund checks? Is the entire pass-through regime in jeopardy? Can civil society survive?  To answer these questions, we’re joined by repeat podcast guest and S-Corp ally George Callas, EVP of Public Finance at Arnold Ventures and a long-time respected voice in the Capitol Hill tax policy world. George breaks down the 2017 tax

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Hitting the “Pause” Button on the CTA

September 12, 2023|

With the Corporate Transparency Act’s new reporting requirements set to take effect beginning January 1st, Main Street is asking Congress to pump the brakes on this ill-conceived law.  

letter signed by more than 80 trade associations — including NFIB, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable – calls on Congress to enact the Protecting Small Business Information Act of 2023 (H.R. 4035). Authored by House Financial Services Committee Chairman Patrick McHenry, the legislation would delay implementation

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Our SALT Parity Campaign Back in the News

August 29, 2023|

Richard Rubin is out with a new piece in the Wall Street Journal that highlights just how successful our SALT Parity efforts have been. The article centers on an upcoming Tax Policy Center analysis which finds these reforms save businesses $15-20 billion each year, double what the Journal estimated last year.

As longtime readers know, the 2017 Tax Cuts and Jobs Act (TCJA) imposed a $10,000 cap on the amount of state and local

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Section 199A Reality Check

August 17, 2023|

Chuck Marr, who heads up tax policy at the Center on Budget and Policy Priorities, took to Twitter recently to slam the Section 199A deduction. It’s a perfect example of the empty rhetoric deployed by critics of the provision:

There’s a lot to unpack here so we’ll start from the top. First, Marr is correct that pass-through businesses do not pay the corporate tax – they

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Support for 199A Reaches New Heights

August 1, 2023|

The effort to make permanent the Section 199A Main Street business deduction just hit a significant milestone.

In just two weeks the Main Street Tax Certainty Act (H.R. 4721), introduced by Congressman Lloyd Smucker, has garnered the support of more than 100 House cosponsors. Among those backing the legislation are Democratic Representatives Henry Cuellar (TX) and Josh Gottheimer (NJ), and all 25 Republican members of the Ways & Means Committee.

Section 199A was enacted in 2017

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More on Moore

July 28, 2023|

We promised more on Moore v. United States, and here it is. The pending court case is garnering lots of attention, including the WSJ, the Tax Policy Center, Tax Notes, former tax staffer George Callas, even former Senator John Breaux. What’s got them all worked up?

9th Circuit Goes Big

At issue is whether Charles and Kathleen Moore realized income even though the business they partially owned never

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NY Needs R&E Expensing!

July 25, 2023|

Lynn Mucenski-Keck, an S-Corp Advisor and Principal at the accounting firm Withum, is out with new Forbes piece highlighting how punitive the new research and experimentation (R&E) tax regime is to businesses in New York and across the country.

With New York already fighting to retain businesses, the capitalization of federal R&E expenditures may result in more companies moving out of New York to balance their federal and New York State tax bills. One

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