Another update on the Ways & Means “Tax Team” front. The S Corporation Association today submitted its comments making the case for fair treatment of pass-through businesses, including a permanent Section 199A pass-through deduction. The letter is addressed to the Main Street Tax Team, one of ten teams organized by Ways & Means Chairman Jason Smith to identify solutions to the 2025 fiscal cliff, and it covers the various key aspects of how pass-through businesses should be treated under the Tax Code. As the letter begins:

The United States is unique among developed countries in the emphasis it places on pass-through …

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Earlier today S-CORP President Brian Reardon was on Capitol Hill to brief members of the Main Street Tax Team on our new study that quantifies the economic footprint of the Section 199A deduction.

Congressman Lloyd Smucker, Chair of the Main Street Tax Team and lead sponsor of our 199A permanence bill in the House, led the meeting and was joined by Representatives Ron Estes of Kansas, Greg Murphy of North Carolina, and Kevin Hern of Oklahoma. Representative Murphy recently hosted us for a roundtable event in his home state of …

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Today, S-Corp released its latest study in support of the Section 199A deduction for small and family-owned businesses.  Authored by Robert Carroll at EY, the study focuses on the economic footprint of the 199A deduction and answers the question: “Just how much economic activity is supported by Section 199A?”

You can access the full report here:  As it states:

This report estimates the US economic activity – jobs, employee compensation, and gross domestic product (GDP) – supported by the Section 199A deduction in 2024. Specifically, this analysis provides a snapshot of the economic activity supported at businesses directly benefitting from the …

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