Christine Walizer, Author at The S Corporation Association

Talking Taxes in a Truck Episode 30: George Callas on Moore: Will the SCOTUS Upend the Tax Code?

How far will the Supreme Court go when it takes up Moore later this year? Will the IRS need to start writing refund checks? Is the entire pass-through regime in jeopardy? Can civil society survive? To answer these questions, we’re joined by repeat podcast guest and S-Corp ally George Callas, EVP of Public Finance at Arnold Ventures and a long-time respected voice in the Capitol Hill tax policy world. George breaks down the 2017 tax law, what the suit alleges, and what’s at stake for S corporations and investors alike.

This episode of the Talking Taxes in a Truck podcast was recorded on …

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admin2023-09-16T14:59:12+00:00September 16, 2023|

Hitting the “Pause” Button on the CTA

With the Corporate Transparency Act’s new reporting requirements set to take effect beginning January 1^st, Main Street is asking Congress to pump the brakes on this ill-conceived law.

A letter signed by more than 80 trade associations — including NFIB, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable – calls on Congress to enact the Protecting Small Business Information Act of 2023 (H.R. 4035). Authored by House Financial Services Committee Chairman Patrick McHenry, the legislation would delay implementation of the CTA until Treasury finishes the necessary rulemaking process, giving affected businesses much-needed relief from the poorly conceived and drafted rules. As the letter states:

Your legislation …

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admin2023-10-04T16:39:19+00:00September 12, 2023|

Our SALT Parity Campaign Back in the News

Richard Rubin is out with a new piece in the Wall Street Journal that highlights just how successful our SALT Parity efforts have been. The article centers on an upcoming Tax Policy Center analysis which finds these reforms save businesses $15-20 billion each year, double what the Journal estimated last year.

As longtime readers know, the 2017 Tax Cuts and Jobs Act (TCJA) imposed a $10,000 cap on the amount of state and local tax (SALT) deductions taxpayers can claim on their federal return. While C corporations were exempted from the cap, most pass-through businesses owners were subjected to …

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admin2023-08-29T14:59:48+00:00August 29, 2023|

Section 199A Reality Check

Chuck Marr, who heads up tax policy at the Center on Budget and Policy Priorities, took to Twitter recently to slam the Section 199A deduction. It’s a perfect example of the empty rhetoric deployed by critics of the provision:

There’s a lot to unpack here so we’ll start from the top. First, Marr is correct that pass-through businesses do not pay the corporate tax – they pay tax at individual rates.

These days, that’s a critical distinction, as the 37-percent top individual rate is well above the 21-percent corporate rate. So are …

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admin2023-08-17T17:52:24+00:00August 17, 2023|

Support for 199A Reaches New Heights

The effort to make permanent the Section 199A Main Street business deduction just hit a significant milestone.

In just two weeks the Main Street Tax Certainty Act (H.R. 4721), introduced by Congressman Lloyd Smucker, has garnered the support of more than 100 House cosponsors. Among those backing the legislation are Democratic Representatives Henry Cuellar (TX) and Josh Gottheimer (NJ), and all 25 Republican members of the Ways & Means Committee.

Section 199A was enacted in 2017 to encourage job creation and new investment by private businesses. It also helps private companies compete with large, publicly-traded corporations. Without the deduction, pass-throughs would …

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admin2023-08-01T14:36:44+00:00August 1, 2023|