, Author at The S Corporation Association

Stimulus Deal Announced

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would reduce revenues by about $150 billion over ten years. The major provisions are:

Rebate checks (tied to a temporary cut in the 10% tax bracket) to families – $600 for singles making less than $75,000 and $1,200 for couples earning less than $150,000.

Fifty percent bonus depreciation for business investment through the end of 2008.

An increase in small business expensing (section 179) from $125,000 to $250,000.

A temporary …

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admin2019-02-06T18:46:06+00:00January 25, 2007|

Minimum Wage & Small Business Tax Package Update

Just a quick update on the status of the $8 billion small business tax package that may accompany the proposed minimum wage increase. The bill is currently the pending business in the Senate. On Monday, Majority Leader Harry Reid filed a petition to close off the debate and pass just the minimum wage increase, without any offsetting small business tax relief. This vote is scheduled to take place momentarily.

The consensus is that Senator Reid doesn’t have the 60 votes necessary to move the minimum wage package without the offsetting business tax relief, and the vote is being characterized as part …

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admin2019-02-06T18:46:06+00:00January 24, 2007|

Finance Reports Out Small Business Tax Relief

In a bit of potential good news for small businesses, the Senate Finance Committee today adopted by voice vote an $8 billion package of small business tax incentives to accompany a planned increase in the minimum wage. Included in the package is a one year extension of the current Section 179 small business expensing limits, an extension of the Work Opportunity Tax Credit through 2012, and an extension of the shorter, 15-year depreciation lives for certain owner-occupied buildings. For S Corps, the package includes an entire title of big and small …

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admin2019-02-06T18:46:06+00:00January 17, 2007|

NEW WAYS AND MEANS COMMITTEE DEMOCRATS ARE ANNOUNCED

While the 109^thCongress adjourned last weekend, the Democratic Leadership in the House has been busy this week planning for next year. Speaker-designate Nancy Pelosi has announced nominees for key committees in the House including, of most interest to S-CORP members, the tax-writing Ways and Means Committee.

One of S-CORP’s priorities for 2007 will be to establish constituent relationships with these new committee members, to help further our legislative goals of modernizing S corp rules and blocking unwarranted tax increases. We would very much appreciate your contacting us (at nhawley@vennstrategies.com) if you have a presence in these districts:

B7 Rep. Earl …

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admin2019-02-06T18:46:06+00:00January 15, 2007|

Finance Holds Small Business Tax Relief Hearing — S CORP Submits Testimony

Today, the Chairman of the S Corporation Association Advisory Committee, James Redpath, submitted testimony on S Corp reform to the Senate Committee on Finance. The Senate Finance Committee held the hearing on small business tax relief as part of its preparation for Senate consideration of the minimum wage increase. As Jim pointed out in his testimony:

I am concerned that many of the companies that will bear the impact of this increase in labor costs are closely-held or family-owned businesses structured as Subchapter S corporations. My goal is to provide you with …

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admin2019-02-06T18:46:06+00:00January 10, 2007|