admin, Author at The S Corporation Association

Stop the Surprise Small-Business Tax Increase

An Op-ed by Christopher Smith, Executive Director of the Parity for Main Street Advisors coalition, ran this morning in the Morning Consult.

The Payroll Protection Program enacted this past spring has helped millions of employers and workers survive an economy that was in freefall from COVID-related closures. Now, with the recovery underway, those same small businesses will face a surprise $100 billion tax hike if Congress fails to act soon.

The PPP program’s design was simple – use local banks to provide loans to smaller employers during the shutdown. If the employers used the money to keep workers employed and on other …

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Stop the Surprise Small-Business Tax Increaseadmin2020-09-29T14:12:21+00:00

Priorities for Reopening Main Street

The Commerce Department last week revised its 2^nd Quarter GDP estimates showing the economy shrunk by nearly one-third. In a $22 trillion economy, that translates into nearly $2 trillion in lost wages, profits, retirement savings, etc.

The threat of this precipitous decline was the catalyst for the business community letter dated back on March 18^th. As Governors closed businesses and schools to slow the spread of COVID-19, one hundred and twenty national trade groups called on Congress to provide relief to families and employers that was on the same scale as the …

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Priorities for Reopening Main Streetadmin2020-08-31T20:58:58+00:00

Avoiding a $100 Billion Tax Hike on Main Street

As the Administration negotiates with Congress over the next round of COVID-19 relief, here’s a simple way they can help Main Street businesses to the tune of $100 billion plus… just do what Congress intended.

That’s the message more than 170 business trades are sending to congressional leadership today. The letter, signed by the Farm Bureau, NFIB, AICPA, the National Restaurant Association, the National Retail Federation among others, makes clear that loan forgiveness under the Paycheck Protection Program should be tax-free as intended in the CARES Act. Here’s the text of the letter:

As Congress negotiates another round of …

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Avoiding a $100 Billion Tax Hike on Main Streetadmin2020-08-04T15:36:30+00:00

Senate Amendment Targets Private Businesses

The Senate this week will debate an amendment to require private companies to annually report the personal information of their owners to the Financial Crimes Enforcement Network (FinCEN) at the Department of Treasury, or face large fines and multi-year jail sentences.

The amendment — sponsored by Senate Banking Committee leaders Mike Crapo (R-ID) and Sherrod Brown (D-OH) – mirrors the Corporate Transparency Act of 2019 that passed the House last fall. If it passes the Senate as part of this year’s Defense Authorization Act, it is very likely to become law.

The stated goal of the amendment is to crack …

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Senate Amendment Targets Private Businessesadmin2020-06-28T19:42:50+00:00

Talking Taxes In a Truck Episode 6 – Doug Badger on the Coronavirus, Health Savings Accounts, Florida, and the Phillies

Doug Badger, former Deputy Assistant to the President and misguided Phillies fan, talks COVID-19, what needs to happen for the economy to reopen, and the prospects for baseball to return in our latest “Talking Taxes in a Truck” podcast. Recorded on June 26, 2020 — 23 minutes.

You can access the podcast on Libsyn by clicking here.

Talking Taxes In a Truck Episode 6 – Doug Badger on the Coronavirus, Health Savings Accounts, Florida, and the Philliesadmin2020-06-27T19:45:36+00:00