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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 relief ...

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Avoiding a $100 Billion Tax Hike on Main Street2020-08-04T15:36:30+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 Businesses2020-06-28T19:42:50+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 Phillies2020-06-27T19:45:36+00:00

NOL-Loss Limitation Relief Support Building

Advocates defending the CARES Act NOL-Loss Limitation relief had a busy week.  First, more than 75 national and local trade groups signed a letter in favor of keeping the relief intact.  The broad number of signatories on the letter, drafted by our friends at the National Mining Association, makes clear arguments that the provision was “snuck” into the CARES Act or would only benefit a “narrow” sliver of industries are wholly meritless.  As the letter states: The ability to carryback NOLs is a critical component of a well-operating income tax system. Indeed, NOL carryback provisions have long been bipartisan tools ...

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NOL-Loss Limitation Relief Support Building2020-06-23T15:09:26+00:00

Treasury Addresses 4960 Shortcomings – More Work Needed

When Treasury released its initial Section 4960 guidance last year (Notice 2019-09), S-Corp warned the rules would force many family businesses to dissolve their related charities and/or private foundations to avoid the new tax.  Those concerns remain under the proposed rules published last week, but they are dramatically reduced, so that’s progress.  Here’s the good and the bad on Section 4960. To recap, tax reform created a new excise tax on million-plus salaries earned by executives at non-profits, or applicable tax-exempt entities (ATEOs).  The targets were the high salaries earned by CEOs at charity hospitals and football coaches at large ...

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Treasury Addresses 4960 Shortcomings – More Work Needed2020-06-13T18:10:04+00:00