, Author at The S Corporation Association

Small Business Tax Package Agreement

Late Friday evening, House and Senate tax writers announced they had come to an agreement on the Small Business Tax Package to accompany an increase in the minimum wage. While this package is destined to join the current Iraq Supplemental and get vetoed by the President, the expectation is that the package will then be included in the subsequent supplement spending bill that should get signed into law. As BNA reports:

The package, the culmination of several weeks of impasse in reconciling vastly different House and Senate packages followed by a short spurt of negotiations, will be included in the supplemental …

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admin2019-02-06T18:44:38+00:00April 23, 2007|

Small Business Tax Package in Play

The small business tax package is back in the news. What we heard yesterday — confirmed by press reports this morning — is that the four top tax writers (Baucus, Rangel, Grassley, and McCrery) have tentatively agreed to a $5 billion package (over 10 years) of provisions to help small and closely held businesses offset the higher labor costs of a minimum wage increase. Staff for those members are busy filling out the details of what will go into the $5 billion pot and how that revenue impact will be offset. According to CongressDaily:

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admin2019-02-06T18:44:38+00:00April 20, 2007|

Another Tax Gap Hearing, Another Standoff

In case you didn’t already catch the Senate Finance Committee hearing featuring Treasury Secretary Henry Paulson yesterday, here’s a quick summary.

The hearing itself was pretty entertaining and highlighted the on-going stand-off between Paulson and Finance Chairman Baucus. Baucus set a timetable for results saying that he wants a 90% voluntary compliance rate by the year 2017 – placing the responsibility on the Treasury to come up with this plan and deliver it in 90 days – July 18th – to the Committee. Paulson responded that he would be more than happy to come …

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admin2019-02-06T18:46:05+00:00April 19, 2007|

AMT Legislative Forecast

While Congress is considering numerous changes to the Tax Code, the 800 pound gorilla in tax policy these days is the projected growth of the Alternative Minimum Tax (AMT) and what exactly Congress plans to do about it. A couple of news items this week do an excellent job of setting the table for what might happen.

According to the New York Times,

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admin2019-02-06T18:46:05+00:00April 13, 2007|

Illinois Governor Proposes Gross Receipts Tax!

S Corp Member Alert! Governor Blagojevich proposed last month to replace the Illinois state corporate income tax with a gross receipts tax (GRT). Under the current proposal, the state’s current 4.8% corporate income tax rate would be phased out over four years and the new GRT would be imposed on all revenues realized by IL businesses from the sale of good and services – .85% for goods and 1.95% for services. The change will increase projected annual revenue collections more than four-fold and has been characterized by the non-partisan Tax Foundation as the largest state tax increase this decade.

A massive …

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admin2019-02-06T18:46:05+00:00April 12, 2007|