Christine Walizer, Author at The S Corporation Association

SBA Administrator Pushed on 199A

Earlier this week the House Small Business Committee held a hearing entitled “Holding the SBA Accountable” which featured testimony from Isabel Guzman, head of the Small Business Administration.

While most of the hearing focused on other issues, there was an important exchange between Administrator Guzman and Congresswoman Beth Van Duyne regarding Section 199A and its impact on the small business community:

Van Duyne: Last week, Senator Wyden held a hearing regarding the 2025 tax debate and where he stated, quote, Congress needs to address the passthrough loophole that Trump created in 2017. He claimed it was all about small businesses, but …

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admin2024-09-21T10:34:41+00:00September 21, 2024|

S-Corp Submits Comments to Main Street Tax Team

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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admin2024-09-17T17:30:21+00:00September 17, 2024|

CTA Update | September 16, 2024

Notable Developments

Main Street backs latest delay effort
CTA gets high profile callout
FinCEN issues updated guidance
All-cash homebuyers get BOI treatment

Legislative Update

Following Congressman Zach Nunn’s (R-IA) introduction of the Protect Small Businesses from Excessive Paperwork Act (H.R. 9278) – legislation which would delay the CTA’s reporting requirements by one year – S-Corp joined with more than 150 trade associations to support the bill.

As our post notes, The Nunn bill is in keeping with legislation (H.R. 5119) passed by the House last year in a near-unanimous vote of 420-1. Despite that overwhelming show of support, H.R. 5119 …

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admin2024-09-16T17:25:01+00:00September 16, 2024|

199A EY Study: Briefing Recap & Recording

Earlier this week S-Corp hosted a briefing to present the results of its latest study, which illustrates just how much economic activity is supported by the Section 199A deduction. The event featured Bob Carroll, Co-Director of EY’s US National Tax Quantitative Economics and Statistics Group (QUEST) and author of the new report, who walked through his findings. (Click here to watch a replay of the briefing.)

The key takeaway is that Section 199A supports 2.6 million jobs, drives $161 billion of employee compensation, and is responsible for $325 billion of …

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admin2024-09-11T16:28:37+00:00September 11, 2024|

S-CORP Briefs Tax Team on 199A Study

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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admin2024-09-10T18:05:02+00:00September 10, 2024|