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Highway Funding and Tax Extenders Update

Highway Debate Continues

Last week, we reported on the House’s adoption of a highway trust fund (HTF) extension through December. This extension is the first step of Chairman Paul Ryan’s plan to combine a longer term HTF extension with key international tax reforms.

Meanwhile, Senate leaders want to act now, not in December, on a longer-term extension.   Majority Leader Mitch McConnell, Sen. Barbara Boxer (D-CA), and Sen. Jim Inhofe (R-OK) support a six-year highway deal which has offsets for the first three years, but does not include international tax reform.  The Senate voted 62-36 Thursday morning to begin debate on the measure.

So …

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2019-02-01T19:59:05+00:00July 24, 2015|

Senate Finance Working Groups Release Reports

The Senate Finance Working Groups reports are done and publicly available!  Many congrats to the Committee members and their staff for continuing the progress on tax reform.  You can check out the reports here.  The Business Income Tax report drafted by Sens. John Thune (R-SD) and Ben Cardin (D-MD) is the one of most interest to us.  We have to admit, the first few pages were bit a disappointing, as the introduction could lend the impression that pass through taxation (multiple business entities) is somehow a bad thing.

Our tax system also promotes inefficiency by incentivizing businesses to make decisions …

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2019-02-01T19:59:05+00:00July 10, 2015|

S Corp News Clips

More on Tax Reform

We’ve previously commented on Chairman Paul Ryan’s desire to do as much as he can this Congress to lay the groundwork for comprehensive tax reform in 2017. Now, in the Wall Street Journal, he gives us a better sense of what that groundwork looks like.

“There’s a big difference between our view and the president’s view. He believes we should have higher tax rates on individuals. We think they should be lower. And when eight out of 10 businesses in America are what we call pass-throughs, LLCs, sole proprietors, sub S corporations, their top effective tax right …

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2019-02-01T19:59:05+00:00June 26, 2015|

S Corp Modernization Introduced!

Just in time for our annual Board meeting, S-Corp Champions Dave Reichert (R-WA) and Ron Kind (D-WI) introduced legislation to improve the rules governing S corporations!  Entitled the S Corporation Modernization Act of 2015 (HR 2788), the legislation would help ensure that the more than 4.6 million S corporations are able to compete and thrive today’s economy.

Back in 2013, a coalition of key business organizations supported similar legislation, noting that many of the rules that govern the day-to-day management of S corporations date back more than half a century.   These outdated rules hurt the ability of existing S corporations to …

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2019-02-01T19:59:05+00:00June 17, 2015|

S Corp News Clips

Family Business Valuation under Attack?

In a development that could harm valuations of S corporations and other family-owned businesses, the Treasury Department appears poised to issue guidance limiting discounts under section 2704. Such action has been hinted at for a while, but people began to pay real attention following comments from Catherine Hughes, head of Estate and Gift Tax Attorney-Advisor at Treasury, before the ABA’s Estate Planning breakfast back in April.

It’s not exactly clear what the Treasury has in mind, but Hughes referred the ABA audience to proposals the Administration included in their annual budget offerings prior to 2014.  We …

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2019-02-01T19:59:05+00:00June 12, 2015|
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