Washington Wire
Talking Taxes in a Truck Episode 45: Piper Sandler’s Don Schneider on OB3’s Big Refunds
S-Corp highlighted a recent report by economist Don Schneider quantifying the tax relief millions Americans can expect in the next year as a result of the OB3. It’s a big number, so we invited Don, the Deputy Head of US policy at Piper Sandler, to explain why this could be the biggest refund season ever. Don also reviews the future of tariffs (and why they’re likely here to stay even if courts weigh in) …
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IRS Audits and Pass-Throughs
Tax Notes ran an article this morning on the status of the 2-year-old IRS exam unit dedicated to passthrough entities. Spoiler alert – with all the chaos over funding, leaks, investigations, and government shutdowns, it hasn’t got its footing yet. Here’s Tax Notes:
Initially unveiled in September 2023 as part of a broader compliance initiative focusing on wealthy taxpayers, the LB&I exam unit is responsible for starting all exams of passthroughs — partnerships, S corporations, and trusts …
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The Big Winners in OB3
For the Main Street business community, the benefits of the One Big Beautiful Bill (OB3) are clear – the bill kept our tax rates low, made permanent the 20-percent small business deduction, and retained full deductions for the state and local taxes we pay on our pass-through business income.
Cumulatively, these provisions will save pass-through business owners more than $100 billion a year. That’s real money they can invest right now in new equipment, new …
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Australian CbC Reporting and S-Corps, Continued
The S Corporation Association today sent a letter to the Australian Tax Office (ATO) building on our ongoing discussions regarding how Australia’s proposed Country-by-Country (CbC) reporting rules could affect S corporations operating in the United States.
By way of background, Australia is in the process of implementing new CbC reporting requirements they say will provide greater transparency for multinational companies doing business in the country. These rules would apply to sizable companies doing business …
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Webinar Recap: Delivering for Main Street
The One Big Beautiful Bill is delivering real benefits for millions of small and family-owned businesses, but how many taxpayers know they benefitted, and how should Main Street advocates best communicate those benefits?
That was the central focus of our latest webinar featuring longtime allies David Winston and Myra Miller of The Winston Group, who walked through fresh national and Georgia-specific survey results focused on the new tax bill.
Key takeaways included:
- Taxpayers strongly support the tax …
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Talking Taxes in a Truck Episode 44: The Shutdown Edition
Joe Lieber is a founder and co-managing partner of Capitol Policy Partners, a veteran DC insider and a longtime friend of the TTT podcast. With a government shutdown all but inevitable at this point, we asked Joe how long we can expect this fight to play out, whether a grand bargain is in the offing, and the implications of a prolonged funding lapse. Later we get into the prospects of a year-end tax package and whether …
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Tax Cuts Don’t Sell Themselves
In Washington, passing major tax legislation is hard. Convincing Americans they actually benefited from it is often even harder.
That’s the central argument David Winston – founder of the polling and research firm The Winston Group and a longtime S-Corp ally – makes in a recent Roll Call op-ed, and it rings especially true for Main Street employers. Despite the significance of the One Big Beautiful Bill (now being referred to as the “Working Families …
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Talking Taxes in a Truck Episode 43: EY’s Dianne Mehany Decodes the Big Beautiful Bill
With the One Big Beautiful Bill Act (Working Families Tax Cut?) officially the law of the land, how are private companies responding? And where does tax policy go from here? We invited EY Private National Tax Leader Dianne Mehany to the podcast to discuss those questions and more. Dianne breaks down the key provisions and how they’re playing with clients (199A, SALT, estate tax). Later we discuss the legislative outlook, new country-by-country reporting requirements, and …
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