Christine Walizer, Author at The S Corporation Association

Treasury Addresses 4960 Shortcomings – More Work Needed

When Treasury released its initial Section 4960 guidance last year (Notice 2019-09), S-Corp warned the rules would force many family businesses to dissolve their related charities and/or private foundations to avoid the new tax. Those concerns remain under the proposed rules published last week, but they are dramatically reduced, so that’s progress. Here’s the good and the bad on Section 4960.

To recap, tax reform created a new excise tax on million-plus salaries earned by executives at non-profits, or applicable tax-exempt entities (ATEOs). The targets were the high salaries earned by CEOs at charity hospitals and football coaches …

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admin2020-06-13T18:10:04+00:00June 13, 2020|

The truth about business tax relief in the CARES Act

S-Corp has a defense of the CARES Act NOL/Loss Limitation rules in today’s Washington Examiner. The piece begins:

For weeks, we’ve heard that the net operating loss and loss limitation relief included in the CARES Act is a “massive” tax break for “hedge funds” that was “snuck” into the bill at the last moment. Those of us who advocated for this provision know none of this is true. Here are the key facts readers need to know.

First, the policy at issue is important, even though it may not seem exciting. It gives businesses suffering net operating …

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admin2020-06-04T15:46:13+00:00June 4, 2020|

Talking Taxes In a Truck Episode 5 – David Winston on Where the Coronavirus is Taking Us

David Winston, President of the Winston Group, a super smart strategic policy and research firm based in Washington DC, says there are three phases to the COVID-19 response. Which one are we in now? Find out by listening to our latest “Talking Taxes in a Truck” podcast. We cover the effects of the coronavirus shutdown on businesses and consumers and where things are headed. Will it be new normal or business as usual? Recorded on May 28, 2020 — 22 minutes.

You can access …

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admin2021-01-27T13:58:30+00:00May 29, 2020|

More Business Community Support for COVID-19 Reforms

The Main Street Employers coalition today endorsed legislation scheduled to voted on in the House of Representatives tomorrow. The bill, the Paycheck Protection Program Flexibility Act, was introduced by Representatives Dean Phillips (D-MN) and Chip Roy (R-TX) and would help restore confidence and energy to a program badly in need of both – the Paycheck Protection Program. As the letter states:

Congress launched the Paycheck Protection Program (PPP) to help employers keep their workers on payroll and, once it was safe to do so, enable them to quickly return to work. The PPP is arguably the most successful …

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admin2020-05-27T19:43:00+00:00May 27, 2020|

Business Community Rallies Around Paycheck Protection Program

One hundred and twenty-seven national trade groups sent a letter today to Congressional and Administrative leaders asking them to quickly enact three key improvements to the Paycheck Protection Program (PPP):

Eliminate the unnecessary 75/25 rule;
Extend the eight-week period for purposes of calculating loan forgiveness; and
Extend the June 30 safe harbor date for rehiring and restoration of pay.

The S Corporation Association eagerly signed this letter. The PPP is the single-most effective program Congress has devised to help businesses through the crisis, but it is badly in need of a tune-up. Recent SBA numbers indicate demand for the …

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admin2020-05-21T17:31:40+00:00May 21, 2020|