Christine Walizer, Author at The S Corporation Association

Bloomberg Is Wrong About Tax Rates

Where does fairness lie? At a time when Main Street is struggling to stay open while Wall Street flies high, you might be surprised that Bloomberg thinks it’s private companies organized as S corporations and partnerships that have the advantage, at least when it comes to taxes.

The Bloomberg story at issue reviewed the 2017 Tax Cuts and Jobs Act and whether it lived up to the promises made by its sponsors, including the goal of balancing out the tax treatment of private and public companies. Here’s the key graph:

“Just in …

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admin2021-03-05T18:46:47+00:00February 1, 2021|

S-Corp Supports MN SALT Parity

The Tax Committee of the Minnesota Senate held a hearing today to discuss legislation (S.F. 263) to restore the full SALT deduction for pass-through businesses. If adopted, Minnesota would become the eighth state to enact our SALT Parity reform.

Among the hearing’s witnesses was S-Corp’s own Tom Nichols, President at Milwaukee-based law firm Meissner Tierney Fisher & Nichols and author of the SALT Parity …

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admin2021-03-05T18:47:00+00:00January 26, 2021|

New York Joins SALT Parity Effort

The good news on SALT Parity keeps rolling in. Just days after California’s Governor signaled his support, New York Governor Andrew Cuomo followed suit and included our pass-through SALT Parity language in his 2022 fiscal year budget proposal.

Since 2018, deductions on state and local taxes (SALT) paid by pass-through business owners have been capped at $10,000. C corporations, on the other hand, are allowed to fully deduct these same expenses. In those states that tax pass-through firms at the owner level, the disparate treatment puts them at a significant disadvantage compared to C corporations.

As S-Corp readers know, beginning …

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admin2021-03-05T18:47:13+00:00January 21, 2021|

CA Governor’s Budget Includes SALT Parity

More good news on the pass-through SALT Parity front: California Gavin Newsom has included our SALT Parity proposal in his budget proposal for 2021.

This news comes on the heels of IRS Notice 2020-75 that confirmed our efforts and made clear to states and businesses that they could adopt SALT Parity legislation without worrying about future regulatory actions.

Seven states have adopted our reform to date (Connecticut, Wisconsin, Oklahoma, Louisiana, Rhode Island, New Jersey, and Maryland). Helped by this announcement, we expect that more than a dozen states will join California in taking up SALT Parity legislation this year. It is …

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admin2021-03-05T18:47:18+00:00January 18, 2021|

Talking Taxes in a Truck Episode 7 – George Callas on Tax Outlook, Effective Dates for Estate and Capital Gains Taxes, and Super Bowl Prediction

George Callas, Managing Director of Government Affairs and Public Policy at Steptoe, joins the podcast to discuss the tax outlook under President Biden and the new Democratic Congress, including upcoming stimulus debate, health care reforms, and the possibility of estate and capital gains tax hikes, and when those might be effective.

Our latest “Talking Taxes in a Truck” podcast was recorded on January 12, 2021, and runs 29 minutes.

Editor’s Note: George would like to change his prediction that the Chiefs win the Super Bowl. He says it’ll be the Packers.

You can access the podcast on Libsyn by clicking …

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admin2021-03-05T18:47:21+00:00January 13, 2021|