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Arrington Talks 199A and Chamber Hits Hill

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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2024-10-10T16:46:45+00:00October 10, 2024|

Congressman Kustoff Hosts 199A Roundtable in Memphis

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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2024-10-04T15:17:25+00:00October 4, 2024|

S-Corp Submits International Tax Team Comments

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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2024-10-02T16:54:28+00:00October 2, 2024|

S-CORP Allies Trumpet 199A

It’s been a busy month on the 199A front, thanks partially to our latest study showing the large amount of economic activity supported by the provision and the importance of making it permanent. (See here, here, and here for more on that.) Before the month wraps, we wanted to highlight a trio of additional 199A news items that caught our attention.

The first is Fox Business’ coverage of a press conference hosted by NFIB during their congressional fly-in this week. As correspondent Hillary Vaughn reported, NFIB members were in town to talk about the importance of making

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2024-09-25T20:20:53+00:00September 25, 2024|

SBA Administrator Pushed on 199A

Earlier this week the House Small Business Committee held a hearing entitled “Holding the SBA Accountable” which featured testimony from Isabel Guzman, head of the Small Business Administration.

While most of the hearing focused on other issues, there was an important exchange between Administrator Guzman and Congresswoman Beth Van Duyne regarding Section 199A and its impact on the small business community:

Van Duyne: Last week, Senator Wyden held a hearing regarding the 2025 tax debate and where he stated, quote, Congress needs to address the passthrough loophole that Trump created in 2017.  He claimed it was all about small businesses, but

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2024-09-21T10:34:41+00:00September 21, 2024|