Christine Walizer, Author at The S Corporation Association

Clickbait for Tax Hikers

The DC tax community has been buzzing since Axios reported the White House is considering rate hikes to offset their other tax priorities. This from the article:

Some White House officials believe letting income taxes on the very highest earners rise would buy breathing room on other priorities, and help blunt Democrats’ attacks as they seek to extend President Trump’s 2017 tax cuts.

…Under the budget reconciliation rules that Republicans seek to use to extend the tax cuts, that would free up more revenue that could be used to fulfill some of Trump’s populist promises, such as eliminating taxes on …

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admin2025-04-03T15:22:18+00:00April 3, 2025|

Committee Reviews CTA’s Future

Earlier today a House Financial Services subcommittee held a hearing entitled, “Following the Money: Tools and Techniques to Combat Fraud.” The hearing covered many topics, but the conversation returned time and again to the awful Corporate Transparency Act.

The hearing kicked off with Congressman Warren Davidson (R-OH) – who leads the charge to repeal the statute – making the case for the Treasury Department’s recent overhaul of the CTA rules:

Presumably, operating a business or even a homeowners association, means you are engaged in illicit finance. Meanwhile, our Constitution says that …

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admin2025-04-01T22:51:30+00:00April 1, 2025|

The Economic Risk of Cliff Diving

A key paragraph from today’s Politico Tax highlights a critical issue for Main Street businesses:

A good number of economists already say that extending the expiring TCJA individual provisions wouldn’t do much to further spur the economy. That’s part of the reason that Trump and his team are plugging some of his more targeted tax cut ideas, while other key Republicans are talking up key tax breaks for businesses, like full expensing for capital investments.

But that focus misses the point entirely. The question isn’t whether extending current policy would provide a bump– it’s whether allowing a massive tax hike to …

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admin2025-03-31T21:26:04+00:00March 31, 2025|

Main Street Cheers CTA Relief

Treasury last week made good on its promise to deliver much-needed relief from the Corporate Transparency Act, a move that did not go unnoticed by the Main Street business community. In a letter sent earlier today, over 100 trade associations applauded a new interim rule that exempts American companies from the CTA’s onerous reporting requirements and implements a risk-based enforcement approach instead. The letter reads:

This rule appropriately narrows the scope of entities required to report BOI by exempting domestic reporting companies and U.S. persons who are beneficial owners of foreign reporting companies. By doing so, the Department …

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admin2025-03-27T10:16:30+00:00March 27, 2025|

FinCEN Releases CTA Relief Rule

More good news on the battle over privacy. Treasury’s Financial Crimes Enforcement Network on Friday released the following statement:

[T]he Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the …

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admin2025-03-24T17:37:03+00:00March 24, 2025|