Members of the Main Street Employers Coalition today joined Congresswoman Beth Van Duyne to discuss the critical role the Tax Cuts and Jobs Act (TCJA) and its Section 199A Main Street business deduction have played in driving investment and supporting job creation. It was the fifth event (see here, here, here, and here) we’ve helped organize under the Ways & Means tax teams banner, an effort initiated by committee Chairman Jason Smith aimed at soliciting feedback from businesses affected by the looming fiscal cliff.

The event kicked off with a tour of …

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Couple of items worth highlighting on the Section 199A front. First, House Budget Committee Chair Jodey Arrington (R-TX) joined CNBC’s Squawk Box yesterday to talk fiscal cliff and the ever-growing budget deficit. Asked by host Andrew Ross Sorkin whether going to a corporate tax rate of 15 percent “is the right answer,” Arrington replied:

I’m more interested in locking in permanent small business tax breaks that will expire at the end of next year, like the 20-percent 199A deduction, where Kamala Harris, in her tax proposal, would allow that to expire. When she says she won’t allow taxes to go …

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Members of the Main Street Employers Coalition convened in Memphis, Tennessee yesterday for a roundtable event hosted by Congressman David Kustoff. It was the latest of many “Tax Teams” events we’ve held in recent months and is part of Ways & Means Chairman Jason Smith’s plan to solicit input from stakeholders as lawmakers work to avert the 2025 fiscal cliff.

The group in attendance spanned all corners of the Main Street business community, from wine and spirits wholesalers to contractors to restaurant and barbershop owners. As with previous roundtables, participants focused on the Section 199A deduction and the disastrous consequences of …

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More on the Ways & Means “Tax Team” front. The S Corporation Association today submitted its comments to the members of the Global Competitiveness Tax Team.

For many readers, the idea that the S corporation community has a large international presence may come as a surprise, but they do and the issues surrounding their treatment under Section 199A, GILTI, the IC-DISC, and Pillar 2 are substantial and worthy of Congress’ attention. As the comments state:

The S Corporation Association has a long history of advocacy on international tax issues. While this discussion typically focuses on C corporations, many S corporations and …

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