Christine Walizer, Author at The S Corporation Association

Your State Could Be Costing You Millions

To mark the five-year anniversary of the Tax Cuts and Jobs Act, Tax Notes recently released a podcast reflecting on the 2017 bill, with a focus on how states have responded to its $10,000 cap on state and local tax (SALT) deductions. It’s a great reminder of how much the S Corporation Association has helped accomplish in that time, the billions of dollars being saved by businesses each year, and the confounding fact that a dozen states are still missing out on these benefits.

For those new to the issue, the SALT cap put S corporations and partnerships at a …

(Read More)

admin2022-12-21T18:07:43+00:00December 20, 2022|

Main Street Backs CTA Legal Challenge

This week, the Main Street business community voiced its support the National Small Business Association’s lawsuit challenging the constitutionality of the Corporate Transparency Act (CTA).

The letter was signed by more than 45 trade associations, including the International Franchise Association, National Roofing Contractors Association, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable. These trades represent businesses from every state and nearly every sector of the economy.

As the letter makes clear, the CTA is poorly constructed, overly burdensome, and threatens the owners of literally millions of small businesses across the country:

The CTA represents an unprecedented attempt by the …

(Read More)

admin2023-10-04T16:39:39+00:00December 7, 2022|

Talking Taxes in a Truck Episode 24: “I’m Worried About Everything”

If you operate a business, your inbox is probably full of solicitations from firms promising a big payday through the Employee Retention Credit. We receive several a day, which got us wondering – what’s the real story here? To address that question and more, we invited Lynn Mucenski-Keck, a Principal at Withum and prolific writer on federal tax policy to discuss the history of the ERC, the interplay between the credit and the Section 199A deduction, and why promises of free ERC money should be approached cautiously. We also discuss the lame duck Congress, the prospects for a holiday tax …

(Read More)

admin2022-12-06T21:12:20+00:00December 6, 2022|

ENABLERS Targets Main Street, Not Oligarchs

A recent op-ed in the Washington Post has all the earmarks of blatant government overreach disguised as national security advocacy. The op-ed, Congress is Letting International Money Launderers off the Hook supports the so-called ENABLERS Act and hits all the key words – “Putin,” “kleptocrat,” “ill-gotten gains,” “basic due diligence” – on the partisan FACT Coalition bingo card. What it fails to do is explain how the bill will make Americans safer or our financial system more secure.

The photo accompanying the story is a good example of just how badly the law will fail. It shows the …

(Read More)

admin2023-10-04T16:39:44+00:00November 29, 2022|

The Corporate Transparency Act: Bad Policy and Unconstitutional

As we’ve observed previously, the Corporate Transparency Act is a poorly constructed bit of law. It will do little to combat money laundering as the criminals will simply refrain from self-reporting their crimes, but it will saddle millions of lawful small business owners with yet another reporting requirement as well as an opportunity to have their personal information spread all over the internet.

On Tuesday the National Small Business Association (NSBA) highlighted another reason to dislike the CTA: it’s unconstitutional. A lawsuit filed by the group in the U.S. District Court for the Northern District of Alabama argues the …

(Read More)

admin2023-10-04T16:39:47+00:00November 18, 2022|