Christine Walizer, Author at The S Corporation Association

A Little Reality on the Tax Gap

IRS Commissioner Charles Rettig made news last week when he endorsed a new tax gap estimate from, among others, French economist Gabriel Zucman. We reviewed the Zucman paper here and found it typically wanting – questionable assumptions and methodologies leading to improbable conclusions.

That didn’t stop Rettig from endorsing the estimate, however. Well, he sort of endorsed it. Here’s what he actually said, according to Bloomberg:

Internal Revenue Service Commissioner Chuck Rettig told a Senate panel Tuesday that previous tallies of the tax gap — which came to a cumulative amount of about $441 billion for the three years through …

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admin2021-04-20T17:07:03+00:00April 20, 2021|

S-Corp Hosts Tax Day Summit

S-CORP and NFIB hosted their Main Street Tax Day Summit yesterday — a two-hour virtual event focused exclusively on the tax policy issues facing small and individually- and family-owned businesses.

Sen. Steve Daines (R-MT), one of Main Street’s staunchest allies on Capitol Hill, kicked things off. Among other topics, the Senator shared his thoughts on the current legislative outlook, and emphasized the importance of preserving key provisions from the 2017 tax bill, notably the Section 199A deduction:

These businesses are the center of the equation for driving economic growth. The sad reality is …

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admin2021-04-16T13:43:39+00:00April 16, 2021|

A “Modest” Tax Hike? Not Even Close

The Biden Administration’s sales pitch for their proposed business tax hikes goes something like this: Rates were too high prior to 2017 but Republicans overshot the mark and set them too low. Democrats want to find a happy middle ground. President Biden said as much in his remarks last week:

We’re going to raise the corporate tax rate. It was 35 percent for the longest time, which was too high. Barack and I thought it was too high during our administration. We all agreed five years ago that it should come down somewhat, but the previous administration reduced it all the …

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admin2021-04-14T15:13:19+00:00April 13, 2021|

You’re Invited – Main Street Tax Day Summit

This Tax Day, April 15th, join us for a virtual event and hear from business owners and tax experts as they outline the threat the coming tax debate poses to America’s Main Street Businesses.

The event of free of charge and open to the public.

Details:

Thursday, April 15th

10am – Noon (EDT)

Click here to download a calendar invite

Scroll down to for additional information:

…

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admin2021-04-09T17:19:41+00:00April 9, 2021|

S Corps for Everyone!

As we previously mentioned, the Senate Budget Committee held a hearing yesterday to discuss various proposals to “make the wealthiest people and largest corporations pay their fair share of taxes.” It was predictably dull and partisan. There was, however, one moment of “Oh, that’s interesting.”

It started when Senator Tim Kaine (D-VA) spoke about the concept of good tax policy, and where the tax code should go:

I think there’s a lot of big ideas about tax reform that are out there…I hope we might get into a big, structural tax reform discussion.

I’m a little bit nervous – I think we’ll …

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admin2021-03-26T14:27:47+00:00March 26, 2021|