Christine Walizer, Author at The S Corporation Association

Finance Committee ”Blank Slate” Letter

Yesterday, Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch ruined the July 4^th vacation plans of every tax lobbyist in town with they laid out their new “blank slate” approach to tax reform.

In a letter sent to fellow senators, the two announced that they would work under the assumption that all exclusions, deductions, and credits currently written in the tax code have been repealed, and that only the most defensible provisions would be put back in. Sens. Baucus and Hatch called on their colleagues to defend the tax breaks they see as important, and gave senators …

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admin2019-02-01T20:08:24+00:00June 28, 2013|

Pass-Through Reform Issues

A couple of recent publications have highlighted the negative consequences of “corporate-only” tax reform, including a paper put out by Grant Thornton last month that focused on the challenges faced by businesses structured as S corporations, partnerships and sole proprietorships.

The paper, entitled “Business Equivalency Rate: Fairness for Pass-through Businesses” gets right to the heart of the matter in the first couple paragraphs:

Grant Thornton supports tax reform aimed at lowering effective business rates in order to promote global competitiveness for U.S. businesses. Grant Thornton believes that competitive business tax rates are critical for spurring business investment and job creation. We …

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admin2019-02-01T20:08:24+00:00June 21, 2013|

S-CORP Testifies

S corporation tax policy took center stage on the Hill earlier this month.

Carrying the S-CORP flag before the House Ways and Means Select Revenue Subcommittee was Tom Nichols, the Chairman of S-CORP’s Board of Advisors. The hearing focused on pass through business taxation issues and, in particular, the merits and shortcomings of the “Pass Through Draft” that Chairman Camp released earlier this year.

From the beginning, Tom’s testimony hit the high notes of the advocacy we’ve been conducting for the past two years:

“Tax Reform needs to be …

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admin2019-02-01T20:08:24+00:00May 29, 2013|

More Support for S Corp Modernization!

More groups are coming out in support for the provisions contained in H.R. 892, the S Corporation Modernization Act of 2013, sponsored by S-Corp champions Representatives Reichert (R-WA) and Kind (D-WI).

As you recall, S Corporation Modernization made up a significant part of Option One of the Ways & Means Pass-Through Discussion Draft. Now, a group of 19 business groups, including the National Federation of Independent Business, the National Restaurant Association, the National Roofing Contractors, the Printing Industries of America, and the S Corporation Association sent a letter to Congress expressing their strong support for the modernization of outdated S …

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admin2019-02-01T20:08:24+00:00April 17, 2013|

Anti-Tax Reform in the President’s Budget

The President’s budget is out, and for the second year in a row it seeks to redefine tax reform to fit its own purposes.

The vast majority of policymakers view tax reform as embracing two fundamental goals:

Increased simplicity for both taxpayers and the IRS; and
Lower marginal tax rates imposed on a broader base of income.

The President’s budget , however, would take us in exactly the opposite direction. Rather than simplify the tax code, it would make it more complicated, and rather than move towards lower rates and a broader base of income, it would selectively lower and/or raise rates based …

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admin2019-02-01T20:08:24+00:00April 11, 2013|