Christine Walizer, Author at The S Corporation Association

2704 and Family Businesses

Remember the Obama Administration’s family-business valuation rules? They were proposed back in August and resulted in such a backlash from the family business community that Treasury received nearly 29,000 comments during the 90-day comment period. That’s a record as best as we can tell.

So where do the rules stand now? Here’s the latest.

Two weeks ago, President Trump signed an Executive Order calling on Treasury to review all “significant tax regulations” issued last year and 1) identify those that are burdensome, complex or exceed Treasury’s authority, 2) issue a report within 60 days listing those identified rules, and 3) …

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admin2019-01-31T22:50:18+00:00May 9, 2017|

Trump To Weigh In On Taxes

So what do we know about the Administration’s tax announcement scheduled for tomorrow? First, we expect the announcement will be limited to principles and a couple key proposals – not a full blown tax reform plan.

Second, the emphasis appears to be on cutting tax rates. We expect something similar to the Trump campaign’s proposal setting the top rates at 33 percent for families and 15 percent for businesses.

Finally, there is likely to be a call for territorial tax treatment coupled with some commentary on the need for leveling the international tax playing field. We could see the term “reciprocal taxes” …

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admin2019-01-31T22:50:18+00:00April 25, 2017|

Business Community Support for S Corp Mod

As we reported last week, a bipartisan group of tax writers in the House and Senate have introduced this year’s version of the S Corporation Modernization Act. The bills (H.R. 1696 & S. 711) are sponsored by Senators John Thune (R-SD) and Ben Cardin (D-MD) and Representatives Dave Reichert (R-WA) and Ron Kind (D-WI).

This week, a group of eighteen Main Street business groups wrote to Congress in support of the legislation, including the National Federation of Independent Business, the Associated Builders and Contractors, the Independent Community Bankers, and the American Council of Engineering Companies. As the letter states:

Main Street …

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admin2019-01-31T22:50:18+00:00April 6, 2017|

S Corp Mod Bills Introduced!

Good news! The 2017 version of the “S Corporation Modernization Act” has been introduced the House and the Senate. Led by Senators Thune (R-SD) and Cardin (D-MD) and Representatives Reichert (R-WA) and Kind (D-WI), the bill calls for needed updates to the rules governing S corporations, some of which date back over 50 years!

You can see the entire bill here
You can see the section-by-section analysis here
You can see the S-Corp press release here

…

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admin2019-01-31T22:50:18+00:00March 24, 2017|

Brady Plan and Pass Throughs

The Wall Street Journal featured S-Corp Board member Clarene Law last week in a story focused on the new tax rates for pass through businesses in the House tax reform plan. As the story notes:

Clarene Law said a lower tax rate on pass-throughs would free up capital to add rooms to her hotels in Jackson, Wyo. or buy new air conditioners and washing machines.

“25% if it’s pure, not all cobbled up with a bunch of surtaxes, it would be a great benefit,” said Ms. Law, chief executive officer of Elk Country Motels Inc. Her businesses own more than 400 …

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admin2021-08-16T14:02:40+00:00March 17, 2017|