, Author at The S Corporation Association

So Little Time, So Many Tax Bills

Congress has about six weeks left of session before it leaves for the mid-term elections and a very full list of unfinished items on the agenda. Just on the tax front, there is possible action on:

changes to the estate tax rules
reform of our pension system
extension of expiring tax provisions like the R&E tax credit
a potential energy tax package
and a possible increase in the minimum wage bill combined with small business tax provisions.

While we would never close the door on full consideration of each of these items, the closer we get to the election and a very probable lame-duck session of …

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admin2019-02-06T18:47:19+00:00July 18, 2006|

Ways and Means Committee Chairman Introduces Estate Tax Relief

House Ways and Means Committee Chairman Bill Thomas (R-CA) has introduced legislation that would permanently extend lower taxes on estates. As S-CORP members may know, estate tax relief has been a top priority of the small business community and has particular importance for family-owned businesses.

The Thomas bill is intended to restart the debate on the so-called “death tax” after the Senate failed on a procedural vote to take up legislation (H.R. 8 ) to permanently repeal the estate tax. Senate Majority Leader Bill Frist (R-TN) has declared his intention to send the President a permanent estate tax relief bill before …

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admin2019-02-06T18:47:19+00:00June 20, 2006|

Senate Finance Committee Holds Tax Gap Hearing

S-CORP continues to closely monitor proposals to increase taxes on S corporations through increased payroll taxes or by repealing the LIFO method of inventory accounting.B On Tuesday, the Senate Finance Committee held a hearing entitled “A Tune-Up on Corporate Tax Issues: What’s Going on Under the Hood?” While most of the testimony focused on the Tax Gap, IRS enforcement, and broad reform of the corporation income tax, one witness focused his remarks and written testimony almost exclusively on why LIFO should be repealed.

Dr. George Plesko, Associate Professor at the University of Connecticut Business School, spent most of his time building …

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admin2019-02-06T18:47:19+00:00June 15, 2006|

S-CORP Weighs in On Corporate Tax Reform

It’s his last term in Congress, and Ways and Means Chairman Bill Thomas (R-CA) is working hard right up until the end. While few observers think tax reform will make tangible progress before November’s mid-term elections, the Select Revenue Measures Subcommittee is churning through the myriad of issues involved in reforming the tax code for businesses operating domestically and internationally, laying the groundwork for future legislative action.

S-CORP is engaged, submitting comments to the Committee on the importance of preserving the unique tax treatment of S corporations while outlining its concerns with the recommendations put forward by the President’s Advisory Panel …

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admin2019-02-06T18:47:19+00:00May 25, 2006|

President Signs Tax Bill

Before a South Lawn crowd today, President Bush signed into law H.R. 4297, the “Tax Increase Prevention and Reconciliation Act of 2005″. Cumbersome name aside, the bill is a relatively streamlined effort to extend several expiring tax provisions, including the lower tax rates on capital gains and dividends, and middle-class protection from the Alternative Minimum Tax.

S-CORP’s focus now turns to the second tax bill, known in tax circles as the “trailer package”, and the open question of which of the provisions excluded from the first bill will make it into the second (“trailer trash”). S-CORP continues to work with friends …

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admin2019-02-06T18:47:19+00:00May 17, 2006|