Christine Walizer, Author at The S Corporation Association

2024 Tax Policy Outlook

It still feels like the calm before the storm, but federal lawmakers are back in town to kick off what could be a surprisingly interesting year for tax policy. Below are a few items we’ll be watching closely on behalf of the pass-through business community.

Tax Package in the Funding Deal?

The big news this weekend was the deal reached by party leaders to keep the federal government funded through 2024. The deal calls for modest increases in defense spending while keeping non-defense outlays at current levels. It also executes some of the targeted spending cuts that were agreed to in …

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admin2024-01-10T00:38:41+00:00January 10, 2024|

CTA Criticism Growing

With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of the year to do so. Filers must also notify FinCEN of any changes to their initial report within 30 days.

As we’ve written previously, the new compliance regime is more than just an administrative headache. Failure to comply carries steep fines and jail …

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admin2024-01-03T19:00:30+00:00January 3, 2024|

Congress Moves CTA Delay (Maybe)

Lots of action with the CTA in the weeks leading up to New Year’s. On Tuesday past, the House advanced the Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119) sponsored by Representatives Joyce Beatty (D-OH) and Zach Nunn (R-IA), legislation that would extend key deadlines under the Corporate Transparency Act. The bill passed on the Suspension Calendar – a procedural move reserved for non-controversial measures – and sailed through with a vote of 420 to 1. More on this bill and its implications below.

While the House was adopting the Nunn bill, a bicameral group of …

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admin2023-12-21T18:59:41+00:00December 21, 2023|

Webinar Recap: CTA Compliance – What Main Street Needs to Know

Starting in January, the Corporate Transparency Act will require more than 32 million businesses and other legal entities to report the personal information of their owners, key employees, and others to the federal government. 32 million!

The CTA is complex, expansive, and with less than a month to go, most Main Street businesses remain completely oblivious as to its existence.

To help demystify it all, S-Corp hosted a webinar yesterday featuring longtime ally and CTA expert Tim Terry of Hartz Capital. Tim’s slides can be found here, and you can access a recording of the webinar by …

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admin2023-12-13T17:51:02+00:00December 13, 2023|

Talking Taxes in a Truck Episode 32: The State of State Taxes

Congress may have skipped tax policy this year, but the states have been busy. To get an idea of where things stand both good and bad, we talked to Jared Walczak, Vice President of State Projects at the Tax Foundation and one of the more active players in this space. Our conversation starts with the wealth taxes several states have proposed in recent months, the important but ignored Antio case moving through the Washington State courts (look out investors!), and a quick review of the record number of states implementing rate cuts reforms this year (go states!). We close by …

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admin2023-12-09T12:11:35+00:00December 9, 2023|