SALT Parity - The S Corporation Association

CA Governor’s Budget Includes SALT Parity

More good news on the pass-through SALT Parity front: California Gavin Newsom has included our SALT Parity proposal in his budget proposal for 2021.

This news comes on the heels of IRS Notice 2020-75 that confirmed our efforts and made clear to states and businesses that they could adopt SALT Parity legislation without worrying about future regulatory actions.

Seven states have adopted our reform to date (Connecticut, Wisconsin, Oklahoma, Louisiana, Rhode Island, New Jersey, and Maryland). Helped by this announcement, we expect that more than a dozen states will join California in taking up SALT Parity legislation this year. It is …

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admin2021-03-05T18:47:18+00:00January 18, 2021|

The 2020 Elections and their Implications for Private Businesses

Are you a fan of the Progressive Insurance commercials making fun of mismanaged Zoom calls? Then you’ll love the blank Zoom screen for the first 10 minutes of our most recent S-Corp Member call covering the 2020 election results and what they mean for private companies. You can access the full video here. You can access the slide deck here.

We’re biased, obviously, but we think it’s well worth watching, particularly the portion focused on what companies can expect moving forward, as well as the BIG news (covered at the …

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admin2020-11-11T20:55:55+00:00November 11, 2020|

Treasury Blesses SALT Parity Reform

Huge news out of Treasury yesterday – the Department has blessed our SALT Parity reforms. You can read the full Notice here. As Law360 reports:

BREAKING: Treasury To Say Pass-through SALT Workarounds OK

State and local taxes imposed at the entity level on pass-through entities are permitted as a deduction and this “is consistent with the longstanding position” of the U.S. Department of the Treasury and the Internal Revenue Service the agencies said Monday.

This announcement comes on the heels of the election results that have all but eliminated any remaining uncertainty about the value of …

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admin2020-11-13T15:23:55+00:00November 10, 2020|

SALT Parity Update

Lots of progress on the SALT Parity front to report! As readers know, S-Corp and the Parity for Main Street Employers coalition has advocated for the restoration of the federal SALT deduction to businesses organized as S corporations, partnerships, and LLCs.

In Minnesota, the House Tax Committee yesterday considered HF871, legislation introduced by Representative Greg Davids to enact our SALT Parity approach. The hearing featured supportive testimony from Beth Kadoun from the Minnesota Chamber of Commerce, Mike Hickey from the National Federation of Independent Business, and John Kammerer from Redpath and Company and the S Corporation Association.

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admin2020-03-06T19:33:31+00:00March 6, 2020|

Talking Taxes In a Truck Episode 2 – SALT Parity Update

Got some time waiting for that new Hillary Clinton podcast? We’ve got you covered. S-Corp President Brian Reardon talks pass-through SALT parity and the recent “Steiner” Utah Supreme Court decision with Bruce Ely, Partner and S corporation expert at the Bradley law firm in Birmingham Alabama. Recorded on February 25, 2020 — 19 minutes.

You can access the podcast on Libsyn by clicking here.

admin2020-02-28T21:12:28+00:00February 6, 2020|