199A TCJA - The S Corporation Association

Big Beautiful Bill(s)

Only a couple of days into the new Congress and they’re ready to throw hands!

The Chairman’s frustration is justified. The obsession with process over policy is getting old. As Senator Bob Dole used to say, you should talk about your accomplishments, policies, and facts first. If you don’t have any of those, then fall back on process. “You can always talk about process.” Focusing on process exclusively shifts attention away from the underlying policies and their real-world consequences for Main Street and elsewhere.

It’s also a waste of time. At the …

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admin2025-01-08T17:32:36+00:00January 8, 2025|

S-Corp Files CTA Amicus Brief

The S Corporation Association filed an Amicus brief yesterday in support of the nationwide injunction on enforcement of the Corporate Transparency Act.

With the filing deadline just days away, and millions of covered businesses not having yet filed, the importance of keeping this injunction in place cannot be overstated – a concern that is compounded by the fact that the 1-year delay provision moving through Congress is now stalled as lawmakers fight over the contents of the year-end spending bill.

Yesterday’s brief, filed on behalf of the S Corporation Association and the Private Investor Coalition, makes the case for keeping the …

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admin2024-12-19T17:13:51+00:00December 19, 2024|

The Experts Are Wrong (Part 5)

Ways & Means Chairman Jason Smith recently told reporters that Section 199A permanence is at the top of his priority list. Yet some in the DC Tax Community continue to crusade against this provision that directly benefits the vast majority of businesses in this country.

A good example is a recent Tax Notes panel on the 2025 tax outlook. During a discussion on Section 199A, Bill Gale of the Brookings Institute commented:

I mean, it’s well known to be expensive, to be extremely regressive, and not to have had anywhere near the desired impact on either investment or hiring etc. …

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admin2024-12-09T19:49:50+00:00December 9, 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|