Christine Walizer, Author at The S Corporation Association

199A Takes Center Stage

As we wrote earlier this week, it’s a busy April for tax policy. The packed agenda kicked off Tuesday with a hearing at the House Small Business Committee entitled, “Exploring the Adverse Effects of High Taxes and a Complex Tax Code.” It was the perfect opportunity to highlight the tax priorities that are top of mind for the Main Street business community and did not disappoint.

The hearing had a number of high points but we’ll flag just a few, starting with witness Raymond Huff, President of HJB Convenience Corporation based in Denver, CO.

…

(Read More)

admin2024-04-12T15:43:11+00:00April 12, 2024|

CTA Heat

Last week the American Institute of Certified Public Accountants (AICPA) – along with more than 50 of its state societies and affiliates – once again called on federal regulators to delay implementation of the Corporate Transparency Act.

The letter is a scathing indictment of the new reporting regime and centers on the widespread confusion among the small business community when it comes to understanding their compliance obligations. It reads, in part:

In numerous letters to FinCEN through the BOI rulemaking process and as recently as October of last year, we raised concerns regarding the constricted timeline for the small business community …

(Read More)

admin2024-04-10T19:05:32+00:00April 10, 2024|

A Taxing Month for Lawmakers

Congress is back in session this week for what promises to be a busy April for tax policy. Here is a quick overview of what’s happening.

Smith-Wyden Bill in Senate

The big-ticket item is the $80 billion Tax Relief for American Families and Workers Act. This bill easily passed the House back in January but has remained stalled in the Senate since.

That’s largely due to Republican tax writers’ objections over the structure of the child tax credit, among other items. As Politico reported this morning:

Key Senate Republicans, including the ranking member of the Finance Committee, Sen. Mike Crapo of Idaho, and …

(Read More)

admin2024-04-08T17:00:24+00:00April 8, 2024|

C Corps for Everybody?

S-Corp’s mantra for tax reform is “S corps for everybody!” Tax all businesses once, tax them when the money is earned, tax them at a reasonable rate, and then leave them alone. In other words, tax them like S corporations. Moving the Tax Code towards what we call a “single tax system” would level the playing field for all types of businesses while eliminating the complexity and distortions created by the double corporate tax.

This approach contrasts completely with the vision outlined in last week’s paper by Kyle Pomerleau and Don Schnieder (P-S). There are lots of moving parts …

(Read More)

admin2024-04-05T12:33:08+00:00April 4, 2024|

Time to Pause the CTA

The Main Street business community came out in force today calling on Congress to enact the Protect Small Business and Prevent Illicit Financial Activity Act (S. 3625). The legislation, championed by Senator Tim Scott (R-NC), would delay by one year the onerous Corporate Transparency Act (CTA) filing requirements and accompanying jail time and penalties. A similar bill sponsored by Representatives Zach Nunn (R-IA) and Joyce Beatty (D-OH) passed the House late last year 420-1.

The letter, signed by more than 120 trade associations, points out that such a delay would allow the ongoing legal battle to play out, be …

(Read More)

admin2024-03-19T14:48:46+00:00March 19, 2024|