, Author at The S Corporation Association

Proposed Tax Increase on S Corp Exporters!

Just before breaking for the November elections, the Senate Finance and House Ways and Means Committees introduced their tax technical corrections bills (H.R. 6264 & S. 4026) to fix errors and ambiguities in the tax code. The bills are open to review and comment through October 31st, with the expectation that they will be adopted by Congress and sent to the President during the final weeks of this Congress.

Alert!

One provision included in both bills would increase from 15 percent to 35 percent the tax rate on qualified export income for small business exporters! This provision is not a technical …

(Read More)

admin2019-02-06T18:47:19+00:00October 12, 2006|

S Corps Wary of Tax Gap Report and Hunt for Revenue Offsets

This week Congress winds up legislative business so that Members can go home and campaign for re-election. Following Election Day, both the House and the Senate will come back for a “Lame Duck” session of Congress. Depending upon the results of the election, it could be a very interesting session.

During the recess, S-CORP will continue educating congressional staff promoting and building support for the pro-S Corp bills introduced this Congress. If there’s an opportunity to include any of these provisions on moving legislation in the Lame Duck session, we want to be prepared!

Also of interest to S-CORP members, this week …

(Read More)

admin2019-02-06T18:47:19+00:00September 29, 2006|

S Corps Everywhere!

You couldn’t swing a dead cat in Washington last week and not hit somebody busy touting the benefits of S corporations to the American economy, job creation, and retirement security. First, the President highlighted S corporations while defending his record on tax policy at a news conference last week :

I believe if the Democrats had the capacity to, they would raise taxes on the working people. That’s what I believe. They’ll call it tax on the rich, but that’s not the way it works in Washington, see. For example, running up the top income tax bracket would tax small businesses. …

(Read More)

admin2019-02-06T18:47:19+00:00September 22, 2006|

Senators Gordon Smith and Blanche Lincoln Introduce the BOOST Act!

Congress is back in session, and we’ve got good news! Senators Smith and Lincoln yesterday introduced S. 3857, the “Bringing Opportunities to Our Small-Business Taxpayers (BOOST)” Act. This legislation is designed to help all closely held businesses continue to grow and thrive. For our S-CORP members, the BOOST Act contains an entire section devoted to S-CORP priorities, including provisions to make it easier businesses to convert to S corporation status and provisions to increase S-CORP access to capital by reducing ownership restrictions on S corporations.

Combined with previous bills introduced by Congressman Clay Shaw (H.R. 4421), Congressman Jim Ramstad (H.R. 2239), …

(Read More)

admin2019-02-06T18:47:19+00:00September 7, 2006|

Tax Bill Action Moves to the Senate

Following late Friday night and early Saturday morning votes in the House on the Pension Protection Act of 2006 and the Estate Tax and Extension of Tax Relief Act of 2006, attention now turns to the Senate and whether the Senate will be able to pass these measures. Senate Majority Leader Bill Frist (R-TN) intends to bring up the package including the estate tax, extension of expiring tax provisions like the Research and Experiment tax credit, and the minimum wage increase first, with the pension bill to follow. He’ll need 60 votes for either package to clear the Senate. As …

(Read More)

admin2019-02-06T18:47:19+00:00August 1, 2006|