Last month, we outlined why the Joint Committee on Taxation’s interpretation of new Section 68 could subject trust and estate income to an unintended second layer of tax.

Earlier today, S-Corp took the next step, sending the following letter to Treasury’s Office of Tax Policy urging the Department to use its regulatory authority to preserve the longstanding conduit treatment of trusts and estates:

Dear Assistant Secretary Kies:

On behalf of the S Corporation Association, we write to further describe the issue we raised earlier regarding the possible application of the 2/37ths itemized deduction reduction under new IRC Section 68 to the …

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As part of National Small Business Week, Senate Majority Leader John Thune took to the Senate floor to highlight how provisions like permanent Section 199A, bonus depreciation, estate tax relief and other provisions from last year’s Working Families Tax Cuts are helping Main Street employers hire new workers and reinvest in their communities.

As Thune put it:

Nearly half of Americans in the private sector work for a small business. Small businesses are responsible for a majority of the new jobs in this country. And a lot of Americans’ first jobs were at a small business, mine included…There’s nothing small about the …

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Recent news coverage suggests that the Working Families Tax Cut Act was a bust. Here’s Politico’s Bernie Becker when asked if this tax filing season has lived up to expectations:

The short answer is no… it wasn’t just one person promising $1,000. It was a key line they said over and over again. When you get refunds a third of the way there, there’s no way to suggest anything but that they overpromised.

But the promise of tax savings was not limited to refunds – it also included lower tax payments to close out 2025 and lower taxes paid through withholding …

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