, Author at The S Corporation Association

Congress Returns

Congress came back from its August break this week and is picking up right where it left off, struggling with the question of what to do with the Alternative Minimum Tax and examining how to appropriately tax the carried interest earned by hedge fund managers and other general partners.

These questions are connected, obviously, in that addressing the AMT will be very expensive while raising the tax rates on carried interest would presumably raise lots of revenue. That’s one reason why both the Ways and Means and …

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admin2019-02-06T18:44:37+00:00September 7, 2007|

Treasury Issues a New Tax Gap Report

This morning, the Treasury and the IRS released the new “tax gap” report. This report is in response to a request from Senate Finance Committee Chairman Max Baucus that the Treasury produce a plan to reduce the “tax gap” to 10 percent by the year 2017. The most recent estimate of the tax gap, for tax year 2001, was 16 percent. Or, if you prefer the glass to be half full, the U.S has a compliance rate of 84 percent, one of the highest in the world.

The real news here …

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admin2019-02-06T18:44:37+00:00August 2, 2007|

Treasury Conference on Corporate Tax Policy

Your S-Corp Association friends attended the Treasury conference on corporate tax policy last week, rubbing shoulders with the Secretary of the Treasury, Alan Greenspan, and others. As expected, the bulk of the speakers focused on tax issues of most concern to Fortune 500 companies – the corporate rate, the treatment of foreign earnings, etc. There’s growing concern that our corporate tax rate is out of whack with the rest of the developed world and this forum served to highlight the benefits of a corporate tax rate cut.

One of the invited speakers, however, S-Corp ally John Satagaj from the Small Business …

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admin2019-02-06T18:44:37+00:00August 1, 2007|

Debate Over Taxing Hedge Funds

Under the category of “We Told You So,” yesterday’s CongressDaily includes an analysis by Martin Vaughn that makes a point similar to the theme of our last Wire – that the debate over how to tax hedge funds is just the beginning of the debate over how to define and tax all sorts of income from ownership. Here’s how Martin sees it:

Forget Blackstone. Many smart people on both sides of the argument over whether to raise taxes on private equity and hedge fund managers’ profits see this as a proxy debate for whether the tax code should …

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admin2019-02-06T18:44:37+00:00July 20, 2007|

Treasury Holds Conference on Business Tax Issues

Treasury Secretary Hank Paulson will hold a one day conference on July 26th to focus attention on the US tax treatment of business income and how it might be improved. The conference will include a larger meeting in the Treasury Cash Room open to the press followed by at least two “break out” sessions for conference participants.

Why focus on corporate tax policy now? The Wall Street Journal, Bloomberg Markets, and other …

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admin2019-02-06T18:44:37+00:00July 13, 2007|