Tax Policy - The S Corporation Association

Talking Taxes in a Truck Episode 26: “Testifying Ain’t Easy”

Fresh off of her triumphant visit to Capitol Hill we’re joined by Lynn Mucenski-Keck, an S-CORP Advisor and Principal at top-25 public accounting firm Withum. Lynn recaps her appearance before the House Small Business Committee, including the specific tax provisions discussed, her back and forth with some of the panel’s members, and her thoughts on the whole experience. Later we discuss IRS funding, advice for aspiring CPAs, and how Artificial Intelligence might shape the accounting profession in the years to come.

This episode of the Talking Taxes in a Truck podcast was recorded on April 21, 2023, and runs 27 minutes long.

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admin2023-04-21T18:07:34+00:00April 21, 2023|

IRS Plan Light on Details

Last week, the IRS released a 150-page document outlining how it will spend some $80 billion in new funding authorized in the Inflation Reduction Act. The good news is that the report places a heavy emphasis on improving customer service. That includes processing returns faster, increasing the number of forms that can be filed electronically, improving its telephone service, and other important steps. It also includes a host of new initiatives and milestones designed to ensure those objectives are met.

Beyond that, however, the plan is positively obtuse when it comes to “enforcement activities” or how the agency will …

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admin2023-04-14T17:56:32+00:00April 14, 2023|

A Main Street Care Package

Word on the street is that House Republicans will put together a package of pro-growth provisions later this Spring, including a tax title. The effort is timely given our uncertain economic outlook and the current tax landscape, and it works especially as a counter to the Biden administration’s aggressively anti-Main Street budget proposals.

What might make it into the tax package? Here are some suggestions.

Inflation, EBIT, and 163(j)

A big revenue raiser in the Tax Cuts and Jobs Act was the new cap on interest deductibility. Starting in 2018, the amount of interest expense a business could write off was …

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admin2023-04-06T21:58:11+00:00April 6, 2023|

Reviewing the SALT Parity Landscape

Thanks to the efforts of S-Corp and our allies over the past five years, 31 states have adopted our SALT Parity reforms to date, with another half-dozen actively considering them. Those new laws have enabled pass-through businesses to save north of $10 billion each year, a figure that will only increase as more states and businesses embrace the approach.

As background, the 2017 Tax Cuts and Jobs Act subjected deductions on state and local taxes (SALT) on pass-through business income to …

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admin2023-10-26T18:55:22+00:00March 23, 2023|

State Wealth Taxes Target Family-Owned Businesses

Shark Tank’s Kevin O’Leary went on CNN last week and made the case for how the policies in some states are making them “uninvestable.” Not sure that’s a word, but he has a point. It’s worth watching.

What sort of policies is he talking about? Wealth taxes, for one. The topic of wealth taxes at the state level has been top of mind since January when, as part of a coordinated effort, lawmakers in numerous states introduced a series of related bills, including:

California (A.B. 259): A 1.5 percent …

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admin2023-03-20T18:40:47+00:00March 20, 2023|