199A TCJA - The S Corporation Association

The Bull Case for a Bipartisan Fiscal Cliff Deal

For years we’ve been sounding the alarm over the 2025 “fiscal cliff,” a watershed moment that will force lawmakers to address a litany of expiring tax provisions or risk a massive tax hike on families and Main Street businesses. Below is a look at what’s at stake for Main Street businesses and our bull case for Congress taking action next year.

Sunsets and Families

One TCJA myth is that it benefited big corporates and billionaires only. That’s simply not true. Much of the tax relief targeted at corporations and wealthy individuals was paired with significant revenue raisers, while the tax relief targeting …

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admin2024-05-20T13:30:13+00:00May 20, 2024|

Fiscal Cliff Gets Renewed Focus

In a sign that lawmakers are not content simply waiting until next year to address a litany of scheduled tax hikes, House Ways & Means Committee Chairman Jason Smith yesterday announced a series of “tax teams” tasked with identifying legislative solutions to avert the 2025 fiscal cliff.

Ten groups in total, each comprised of at least give Republicans from the panel, will address a specific policy area, from manufacturing to global competitiveness.

The team that caught our eye will focus on Main Street, and is appropriately led by Congressman Lloyd Smucker (PA), a staunch ally of the pass-through business community and …

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admin2024-04-25T13:43:13+00:00April 25, 2024|

Main Street on the Hill

S-Corp and its friends at the National Federation of Independent Business hosted a Tax Day briefing for Hill staff and other stakeholders yesterday. The topic: the massive tax hikes threatening Main Street at the end of 2025.

As readers know, the expiration of the Section 199A deduction coupled with significant increases in the marginal rates paid by the 95 percent of businesses nationwide is a significant challenge facing Main Street and Congress next year. We know Congress is going to have to act, and we know the issues in play are new …

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admin2024-04-16T17:01:05+00:00April 16, 2024|

199A Takes Center Stage

As we wrote earlier this week, it’s a busy April for tax policy. The packed agenda kicked off Tuesday with a hearing at the House Small Business Committee entitled, “Exploring the Adverse Effects of High Taxes and a Complex Tax Code.” It was the perfect opportunity to highlight the tax priorities that are top of mind for the Main Street business community and did not disappoint.

The hearing had a number of high points but we’ll flag just a few, starting with witness Raymond Huff, President of HJB Convenience Corporation based in Denver, CO.

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admin2024-04-12T15:43:11+00:00April 12, 2024|

A Taxing Month for Lawmakers

Congress is back in session this week for what promises to be a busy April for tax policy. Here is a quick overview of what’s happening.

Smith-Wyden Bill in Senate

The big-ticket item is the $80 billion Tax Relief for American Families and Workers Act. This bill easily passed the House back in January but has remained stalled in the Senate since.

That’s largely due to Republican tax writers’ objections over the structure of the child tax credit, among other items. As Politico reported this morning:

Key Senate Republicans, including the ranking member of the Finance Committee, Sen. Mike Crapo of Idaho, and …

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admin2024-04-08T17:00:24+00:00April 8, 2024|