Christine Walizer, Author at The S Corporation Association

Talking Taxes in a Truck Episode 31: Tax Grab Bag with Ryan Ellis – IRS Funding, SALTy Rumors, Year-End Tax Bill, and Mo(o)re

Congress is in overdrive tackling its legislative to-do list and things are starting to pile up on the tax policy front. To help us keep track of it all we’re joined by repeat podcast guest Ryan Ellis, Enrolled Agent and President of the Center for a Free Economy. Ryan kicks things off with a look at the latest developments on Capitol Hill, including the election of House Speaker Mike Johnson, rumors of a SALT cap deal, and ongoing negotiations over a year-end tax package. Ryan then draws on his experience as an IRS Enrolled Agent to talk IRS funding and …

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admin2023-11-05T16:40:16+00:00November 5, 2023|

Competing Tax Reforms (Part 1)

Massive deficits, the fiscal cliff, and Social Security’s pending insolvency are jump-starting a long overdue debate over real tax reform – specifically, how should we best reorganize the tax code to survive the fiscal hurdles we know are coming?

Three distinct voices have emerged recently to offer their views. Which offers the best hope for success? What impact would each have on small and family-owned businesses? Here’s a review of the competing plans, together with some thoughts on how to best tax business income from the Main Street perspective. (In a follow-up post, we will put forward our own …

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admin2023-10-25T17:21:46+00:00October 25, 2023|

IRS Ramps Up

Doug Holtz-Eakin has a thoughtful blog post this week on the deterioration of our “voluntary” compliance tax system.

Whenever the term “voluntary” is used when discussing taxes, the tendency is for the audience to bust out laughing. Okay, sure, but it’s a real concept that used to be the heart of our tax system. Rather than send tax collectors door-to-door to make collections, our system relied on taxpayers calculating their own liability and then sending in the appropriate amount.

It was fairly unique in the world yet, as Doug points out, our compliance rate consistently ranks at the top at a solid …

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admin2023-10-19T17:21:26+00:00October 19, 2023|

Tax Implications of the Speaker Battle

Last week, eight House Republicans, led by Representative Matt Gaetz (FL), voted with the entire Democratic conference to oust Speaker Kevin McCarthy. What implications does this action have for Main Street businesses and tax policy? Here’s our take.

Short-Term Tax Outlook

When the House votes for a new Speaker and gets back to business, its focus will return to those remaining appropriations bills necessary to fund the government. Last month’s CR gave Congress an extra 45 days (until November 17^th) to get them done and, at the time, we expected those efforts to crowd out other priorities, including consideration of the …

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admin2023-10-09T16:54:29+00:00October 9, 2023|

The Importance of NSBA’s Lawsuit

The House Financial Services Committee held a markup yesterday to consider twelve pieces of legislation. Notably absent was the Protecting Small Business Information Act (H.R. 4035), a bill to delay the Corporate Transparency Act’s January 1, 2024 effective date. The Main Street business community recently voiced its support for that legislation and had hoped to see it taken up by the panel.

The Committee’s failure to act raises two key points.

First, it is obvious House and Senate leaders are unaware of the political backlash coming their way if and when the CTA goes into full effect. By Treasury’s own …

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admin2023-10-04T16:33:52+00:00September 21, 2023|