Uncategorized - The S Corporation Association

Lew Punts on Tax Reform, Inversions

Secretary Lew gave his tax reform speech this morning. It lasted maybe 10 minutes and he didn’t take questions afterwards. Given the buzz the speech’s announcement created on Wall Street and in tax policy circles, the event itself was a major disappointment.

The Obama Administration is beginning to resemble an old Brian Regan comedy routine about how passengers on an airplane get excited when the pilot comes on the intercom, even though the pilot never has anything good to say. Just a variation on the same old theme that the flight will be delayed because….

This Administration never appears …

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admin2019-02-01T20:01:38+00:00September 8, 2014|

S-CORP Hosts Membership Call

On Tuesday, July 22, the S Corporation Association held a “legislative debrief” presentation. Hosted by Executive Director Brian Reardon, the presentation provided an overview of the political and legislative landscape in Washington, and the latest developments that impact America’s 4.6 million S corporations.

To watch the video in its entirety, click on the image below:

admin2014-07-28T14:09:01+00:00July 28, 2014|

Inversions and Tax Reform

Yesterday’s letter from Treasury Secretary Jack Lew on inversions is just the latest headline on an issue that has dominated the tax discussion ever since Pfizer proposed to merge with AstraZeneca back in May. As the chart below notes, the number of companies moving their headquarters overseas is accelerating and it’s sending a strong signal that something is very wrong with our tax code.

The motivation for inverting is simple – it allows companies to avoid paying US taxes on foreign earnings. This is a uniquely American problem. …

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admin2019-02-01T20:01:38+00:00July 17, 2014|

Highway Bill, Extenders, and the Tax Outlook for the Rest of the Year

The pending debate over highway spending has tax implications and the pass-through business community should pay attention.

The Highway Trust Fund will run out of money in the next couple weeks and both the Senate and the House are planning a two-step response — a short-term patch that will keep highway projects funded into next year and then longer bills that would establish highway policy for the next couple years.

How to allocate all those dollars for roads and bridges is always a complicated and politically charged affair. So is how to pay for it. Finance and Ways and Means both are …

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admin2019-02-01T20:05:23+00:00July 9, 2014|

House Passes S-Corp Reforms!

It’s a big day for S corporations! Earlier today, the House voted to adopt HR 4453, the S Corporation Permanent Relief Act of 2014, by a count of 263 to 155. The bill, sponsored by Representatives Dave Reichert (R-WA) and Ron Kind (D-WI) makes permanent the five year built-in gains holding period, and contains a basis adjustment fix for charitable contributions made by S corporations.

These S corporation provisions received strong bipartisan support. All but two Republicans supported the measure, while forty-two Democrats parted with their leadership and the Administration and voted yes. Ways and Means Committee Chairman Dave Camp …

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admin2019-02-01T20:05:23+00:00June 12, 2014|