Christine Walizer, Author at The S Corporation Association

Treasury Targets S Corporations, Flow-Throughs

A Bloomberg article from Friday morning has been flying around tax policy circles here in D.C. and elsewhere. From the article:

The Obama administration is seeking to widen the scope of its proposal to overhaul the corporate tax code, urging Congress to also change rules that allow some businesses to take advantage of tax laws governing individuals.

The article cites testimony by Secretary of the Treasury Tim Geithner earlier this year in which he advocated “revisiting” long-standing rules allowing businesses to choose to be taxed as S corporations or partnerships. According to Geithner:

“Congress has to revisit this basic question about whether it …

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admin2019-02-01T20:48:06+00:00February 28, 2011|

President’s Budget Proposal Released Today

We don’t usually involve ourselves in spending debates but the President’s budget proposal came out this morning and, given the sea of red ink ahead, we thought a quick overview of the budget process and challenges ahead might be in order.

The President’s budget would reduce the deficit by $1.1 trillion over the next decade b- two-thirds from spending cuts and one-third from tax increases. The proposed budget would trim or terminate 200 federal programs within the next year, reduce Pentagon spending by $78 billion, freeze non-security discretionary spending for 5 years, and increase spending in education, transportation and energy and …

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admin2019-02-01T20:48:06+00:00February 14, 2011|

New Tax Writers

The Senate last week announced the new members of the tax-writing Finance Committee. The announcement followed several weeks of negotiations over committee ratios of Democrats to Republicans, in addition to a related fight over amending Senate rules. The fact that committee assignments were announced on the same day that the Senate voted on some of those reforms is no coincidence.

As to the Finance assignments themselves, the Committee is getting one new Democrat and two new Republicans, bringing the Committee’s overall membership up to 24– an increase of one from last Congress, with 13 Democrats and 11 Republicans. The new members …

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admin2019-02-01T20:48:06+00:00February 1, 2011|

New Year – New Challenges

Happy New Year! As we’re preparing for the new Congress and the new challenges it brings, we would like to once again thank you for your continued support of the S Corporation Association and to emphasize the important work we do in defense of the S-Corp community.

Perhaps the best that can be said about 2010 is that it showed consistent improvement. The year started with a horrible economy and policy clouds on the horizon. And though some of those policies were enacted – the new 3.8 percent tax on S corporation income, for example – many were defeated and the …

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admin2019-02-04T15:46:13+00:00January 18, 2011|

2-Year Extension Set to Pass

Here’s an early Christmas present — the Senate voted this afternoon 81-19 to move forward on the tax deal cut between President Obama and congressional Republicans. We expect the package to pass intact early tomorrow.

For S corporations, the package means the top tax rate on S corporations remains at 35 percent and rates on capital gains and dividends remain at 15 percent for the next two years. On the estate tax front, the plan calls for a top rate of 35 percent and an exemption of $5 million per spouse.

Democratic opposition in the House is coalescing around the estate tax …

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admin2019-02-04T15:47:03+00:00December 15, 2010|