Christine Walizer, Author at The S Corporation Association

Targeting the CTA

S-Corp President Brian Reardon is out with an op-ed in the Washington Examiner that breaks down just how onerous and poorly constructed the Corporate Transparency Act’s reporting requirements really are.

We’ve written about the CTA at length (here, here, and here) but the piece that ran on Monday is designed to sound the alarm to an even broader audience. It begins:

Starting next year, millions of small business owners will get a letter from a federal agency they’ve never heard of, telling them they need to comply with a law nobody’s told them about. Most, like reasonable people, …

(Read More)

admin2023-10-04T16:39:25+00:00July 5, 2023|

Tax News Roundup

Before the Independence Day festivities kick off, we wanted to wrap up the week by sharing three news-worthy items on the tax front important to the Main Street community.

SCOTUS on Taxes

First, the Supreme Court will take up a case challenging Congress’ authority to levying income taxes before the income is realized. At the heart of Moore v. United States is the plaintiff’s claim that the federal government exceeded its constitutional authority by taxing earnings before they were repatriated back to the United States. Under Section 965, Congress deemed the earnings to have been repatriated and then imposed a tax on …

(Read More)

admin2023-06-29T20:21:53+00:00June 29, 2023|

Talking Taxes in a Truck Episode 28: Tony Simmons on the 150-Year Tabasco Legacy

This week’s guest is Tony Simmons, the former President and CEO of McIlhenny Company and long-time Chairman of the S Corporation Association. Tony shares the history of Tabasco – starting with a single pepper plant back in 1868 and now a storied worldwide brand – as well as the importance of family-owned businesses and the role that tax policy plays in deciding whether to pass a company down from one generation to the next.

This episode of the Talking Taxes in a Truck podcast was recorded on June 22, 2023, and runs 35 minutes long.

…<br><br>(Read More)

admin2023-06-23T15:32:08+00:00June 23, 2023|

The Importance of 199A

Today’s House Budget Committee hearing on “Incentivizing Economic Excellence Through Tax Policy” is a good chance for members to learn about the importance of the Section 199A deduction for individually and family-owned businesses.

This deduction was enacted as part of the Tax Cuts and Jobs Act and serves two primary purposes – 1) to encourage job creation and economic growth by reducing the tax burden on pass-through businesses and 2) to ensure tax parity between pass-throughs and C corporations with their lower, 21-percent rate.

Did it work? A new study by Robert Carroll at EY suggests that a rough parity …

(Read More)

admin2023-06-22T13:56:01+00:00June 22, 2023|

Congress Focused on CTA Flaws

With just six months to go before the Corporate Transparency Act’s (CTA) reporting requirements take effect, federal lawmakers are sounding the alarm over just how far reaching – and poorly constructed – the rules are.

A quick primer for those new to the issue: the CTA requires smaller businesses and other entities to annually report the personal information of their “beneficial owners” to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to FinCEN, “beneficial owner” includes individuals with at least a 25-percent stake in the business, as well as those who serve on the entity’s board, helped organize the entity, …

(Read More)

admin2023-10-04T16:39:35+00:00June 16, 2023|