, Author at The S Corporation Association

IRS TARGETS S CORPS!

As a follow-up to its broader “Tax Gap” study completed earlier this year, the IRS yesterday announced it will engage in a multi-year study of about 5000 taxpayers reporting S corporation income or losses. According to the IRS release (see below), the study “will be used to more accurately gauge the extent to which the income, deductions and credits from S corporations are properly reported on returns filed by the flow through corporations and their shareholders.”

The S Corporation Alliance strongly supports appropriate IRS administration of the tax code, but numerous questions arise from the IRS’s announcement, including why the IRS …

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admin2019-02-06T18:48:18+00:00July 26, 2005|

S CORP ALLIANCE LETTER: 36 SIGNORS AND COUNTING!

Good news! We’re up to 36 groups on the S Corp Alliance letter (see attached). Thanks to all who signed on in the last week: American Council of Engineering Companies, Associated Builders and Contractors, Associated Industries of Massachusetts, Delaware State Chamber of Commerce, Independent Community Bankers of America, Indiana Manufacturers Association, Louisiana Association of Business and Industry, Michigan Manufacturers Association, Mississippi Manufacturers Association, Nebraska Chamber of Commerce & Industry, Non-ferrous Founders’ Society, Oklahoma State Chamber of Commerce, Utah Manufacturers Association, and Wisconsin Manufacturers & Commerce.

Please remember we’re keeping the letter open, so if you know of any organization that would …

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admin2019-02-06T18:48:18+00:00July 1, 2005|

State Update and IRS Issues S Corp Rules

As S-CORP members will recall, S-CORP has been monitoring a number of states considering tax bills that will adversely affect S corporations. We were fortunate to lay the groundwork in Pennsylvania in working with others to Pennsylvania Governor Ed Rendell.
S corporations fared better in Pennsvylania when, following the recommendation for a new entity-level tax in that state, S-CORP and others lobbied to reject proposed tax hikes on S corporations. Following active communications with the Rendell office, S-CORP scored a major victory when Rendell announced in February 2005 that his budget proposal would not embrace new taxes on S corporations. Rendell …

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admin2019-02-06T18:48:18+00:00May 24, 2005|

S CORP ALLIANCE CONTINUES TO MAKE HEADLINES!

For those who missed it, Monday’s Congress Daily does an excellent job of outlining the challenge confronting S Corporations and other flow-through businesses as Congress prepares to take up reconciliation, tax reform, an extension of expiring tax provisions, and other tax legislation this Congress. Continued interest by the press regarding the Joint Committee’s recommendation is a clear signal this issue is not going away & JCT and the Treasury Department’s Inspector General for Tax Administration have proposed changing the rules to ensure that payroll taxes are levied on all a firm’s income, regardless of how it is counted. Concern in …

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admin2019-02-06T18:48:18+00:00August 11, 1005|

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IRS TARGETS S CORPS!

S CORP ALLIANCE LETTER: 36 SIGNORS AND COUNTING!

State Update and IRS Issues S Corp Rules

S CORP ALLIANCE CONTINUES TO MAKE HEADLINES!