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Virginia Unlocks Millions in SALT Parity Relief

With Tax Day just around the corner, we have some good news that should help ease the pain. Yesterday, Governor Glenn Youngkin signed HB 1121 into law, making Virginia the 25th state to adopt our SALT Parity reform. As a result, more than 200,000 Virginia S corporations and partnerships will have access to about $160 million in annual tax relief, starting with their 2021 returns.

As S-CORP readers know, the new cap on state and local tax (SALT) deductions does not apply evenly to all businesses.  C corporations may continue to deduct the full value of their SALT as a

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2022-04-12T17:11:09+00:00April 12, 2022|

Senator Kyrsten Sinema Joins Small Business Owners at Tax Summit

S-Corp and NFIB hosted their second annual Main Street Tax Summit yesterday – a virtual event focused on tax policy issues faced by individually- and family-owned businesses.

Senator Kyrsten Sinema (D-AZ) kicked off the event with the keynote address. In her remarks, the Senator highlighted the challenging environment for Main Street businesses and made clear that she would continue to speak up on behalf of millions of small businesses:

In December, while Senate leaders were working to negotiate to make needed changes to the reconciliation bill, it became clear that the package in

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2022-04-08T17:18:27+00:00April 8, 2022|

Inflation and the BBB, Revisited

With the DC tax press continuing to pester Senator Joe Manchin about the BBB’s prospects (response:  still dead) we thought we’d revisit yet another reason Congress should leave the BBB behind – inflation.

Inflation has exploded in the past year. As this survey from NFIB shows, the issue went from “also-ran” status to the #1 business concern almost overnight.

Meanwhile, the American people believe the BBB’s tax hikes are inflationary.  In our survey last year, nearly two-thirds of respondents agreed with the statement, “If companies have to pay more in

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2022-04-07T19:03:16+00:00April 7, 2022|

You’re Invited! Second Annual Main Street Tax Summit

NFIB & S-Corp Present the Second Annual

Main Street Tax Summit

With introductory remarks from
Senator Kyrsten Sinema



Thursday, April 7th

10:00 – 11:15am (EDT)


(No signup necessary – just use the link above to access the virtual event on April 7)



Introduction

Senator Kyrsten Sinema (D-AZ)



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2022-04-01T15:51:25+00:00April 1, 2022|

Taxing Unrealized Gains Still a Bad Idea

Jason Furman thinks the Biden Administration’s soon-to-be proposed minimum tax is a good idea.  We can’t think of any reasons why.

Administratively, it will be a nightmare of complex accounting, valuation, and litigation.  From the marginal point of view, they included wages and investment income into the tax base, but it will still create scenarios where the effective rates are outrageously high on America’s family-owned businesses.  There’s the role inflation will play in forcing business owners to pay tax on imaginary gains.  There’s the issue of exactly what we are taxing – capital – the life blood of our economy,

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2022-03-29T23:39:19+00:00March 28, 2022|