Our latest podcast guest is Ryan Ellis, President of the Center for a Free Economy and an IRS enrolled agent. Ryan gives us his take on a proposal to increase IRS funding and create new bank reporting requirements, recent “tax gap” estimates, and the fate of the $3.5 trillion budget agreement unveiled earlier in the week.
This episode of Talking Taxes in a Truck was recorded on July 14, 2021, and runs 26 minutes long.
Yesterday, California became the latest state to adopt our SALT Parity legislation. The reform was included in the state’s budget for the new fiscal year, which is good news for the State’s 600,000 S corporations who, along with California partnerships and LLCs, can now deduct the full amount of their state and local tax (SALT) payments on their federal taxes. The California good news came on the heels of Minnesota Governor Walz signing into law that state’s SALT Parity bill – H.B. 9 — just yesterday afternoon.
By our rough estimates, that means some $1.7 billion in annual tax relief for businesses …
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In our latest episode, Joe Lieber, Director of Research and Political Analyst at Washington Analysis, LLC, gives us his take on the bipartisan infrastructure deal, what a future tax package might look like, and what he’s cooking this Fourth of July weekend.
This episode of Talking Taxes in a Truck was recorded on July 1, 2021, and runs 19 minutes long.
Last week’s on, off, and on-again bipartisan deal was confusing, but it did make clear President Biden’s intention to advance a more expansive partisan package regardless of the bipartisan bill’s fate.
Work on that expanded package has already begun. Senate Majority Leader Chuck Schumer kicked off the budget reconciliation process earlier in the month, and Budget Committee Chairman Bernie Sanders is now in the process of putting together a spending framework, reportedly in the $6 trillion range, with $3 trillion in offsets.
With moderate Democratic Senators Joe Manchin, Jon Tester and others voicing concern over the size of …
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More than 100 trade associations today voiced their opposition to proposed legislation which would weaken the Section 199A pass-through deduction.
The provision is an essential part of the Tax Code, and helps individually- and family-owned Main Street businesses remain competitive in an era of economic consolidation and concentration. Section 199A has also proven critical in enabling those businesses which were hardest hit during the pandemic to survive.
As the letter released today makes clear, rolling back or otherwise limiting the deduction would have a severely detrimental effect on the 95 percent of American businesses organized as pass-throughs.
Below is the comprehensive …
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