Christine Walizer, Author at The S Corporation Association

CTA Update | December 3, 2024

Notable Developments

Senator Lankford pushes delay via NDAA
CTA enforcement under Trump administration?
Oregon plaintiffs file suit
Op-eds highlight CTA’s fatal flaws

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Legislative Update

Senator James Lankford (R-OK), a cosponsor of the Senate’s version of the CTA delay bill that overwhelmingly passed the House last year, is doubling down on his efforts to advance relief for the Main Street business community. As he posted on X.com on Monday:

The Beneficial Ownership Information reporting requirements (aka a new registry) for small business owners are unclear and overly broad. They are due on January 1, 2025, but I am pushing …

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admin2024-12-03T14:48:46+00:00December 3, 2024|

The Experts are Wrong (Part 4)

The key debate before Congress next year is how to tax large, family-owned businesses. There is no debate over how to tax smaller businesses. Nobody on the left or right is arguing to raise taxes on small businesses.

This reality is lost, once again, on the tax experts. For example, several economists at Treasury are out this month with a new paper on business tax rates and our friends at the Tax Foundation have already flagged it with misleading tweets:

A casual reader would conclude the Treasury paper demonstrates that S …

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admin2024-11-20T19:20:49+00:00November 20, 2024|

Event Spotlights Section 199A Permanence

Earlier today our friends at NFIB held an event on Capitol Hill focused exclusively on the looming expiration of the Section 199A deduction, and what it means for the Main Street business community.

The event kicked off with a discussion featuring Ways and Means members Lloyd Smucker (R-PA) and Brad Schneider (D-IL). S-Corp readers will recognize Smucker as the lead sponsor of our Main Street Certainty Act in the House, which now has 192 cosponsors!

A couple highlights – first, Representative Smucker discussed the importance of making 199A permanent:

As head of the …

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admin2024-11-19T20:48:22+00:00November 19, 2024|

CTA Update | November 13, 2024

Notable Developments

Lawmakers ramp up pressure on FinCEN
Revisiting compliance cost estimates
Trump officials slam CTA
FinCEN offers limited filing relief
Physicians join the legal fight

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Legislative Update

Last week more than 40 lawmakers sent a letter to FinCEN requesting a one-year delay of the CTA’s fast-approaching reporting deadline. The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues.

As we wrote in a recent post, the letter helps …

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admin2024-11-13T18:52:49+00:00November 13, 2024|

Lawmakers Renew Push for CTA Delay

Here’s a bit of good news on the Corporate Transparency Act front. More than three dozen lawmakers have sent a letter to the Financial Crimes Enforcement Network requesting a one-year delay of the CTA’s fast-approaching reporting deadline.

The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues. The letter was signed by 44 House members, including Majority Whip Tom Emmer (R-MN) and Financial Services Committee Vice Chair French Hill (R-AR).

With …

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admin2024-11-11T19:29:20+00:00November 11, 2024|