Uncategorized - The S Corporation Association

Moving on Extenders

Extenders are back in play in the House and Senate. Finance Chairman Ron Wyden (D-OR) plans to release his package Monday, with amendments due on Tuesday and markup to begin on Wednesday.

Details of the Wyden plan are not available, but early indications are that his package will include most of the tax provisions that expired at the end of 2013 and that they will be extended for both 2014 and 2015. It doesn’t appear that the Chairman plans to offset the revenue loss of the package unless there are more modifications to the language than a simple date change.

Meanwhile, on …

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admin2019-02-01T20:05:24+00:00March 28, 2014|

S-Corp Payroll Tax Hike Re-Emerges

Both the Camp discussion draft and the President’s budget include provisions to expand the application of payroll taxes to S corporation income.

The White House proposal is an expanded version of efforts that failed in the Senate in 2010 and 2012, where 100 percent of income from a professional services businesses – law, accounting, consulting, etc. – organized as an S corporation, general or limited partnership, or an LLC taxed as a partnership, would be subject to SECA taxes.

The Camp provision, on the other hand, is a whole new approach that is dramatically broader than anything considered to date. …

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admin2019-02-01T20:05:24+00:00March 6, 2014|

S-CORP Testifies on Nexus Issues

The House Judiciary Committee held a hearing Wednesday on the Business Activity Tax Simplification Act of 2013 (H.R. 2992), a bill that seeks to rationalize the current maze of state and local practices when it comes to taxing businesses residing outside their borders.

Testifying in support of the legislation was S-CORP Chairman Tony Simmons, President and CEO of the McIlhenny Company. In his testimony, Tony got right to the heart of the matter and described the burden faced by his and similar companies doing conducting business across state lines:

Monitoring, interpreting, and compliance with, in many cases, unclear and constantly changing …

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admin2019-02-01T20:05:24+00:00February 28, 2014|

Camp Draft Released

Ways and Means Chairman Dave Camp (R-MI) released his long-awaited tax plan yesterday. The Chairman has worked hard to put out a plan that addresses the biggest challenges faced by the tax code, and he should be applauded for keeping this effort alive.

From day one, Camp has been our lead in promoting comprehensive reform that addresses both the individual and the corporate tax codes. Such an approach was needed if pass-through businesses like S corporations and LLCs were going to be treated in an even handed manner. This priority of leveling the playing field was embraced by our Main …

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admin2019-02-01T20:05:24+00:00February 27, 2014|

S-CORP on the Air

February 21, 2014

Earlier this week, S-Corp Executive Director Brian Reardon took to the airwaves to talk all things S-Corp with radio host Mark Kohler.

Kohler hosts a weekly program devoted to tax issues that are important to individuals and businesses. This Tuesday, Mark spent his entire show focusing on S corporations. Brian carried the S-Corp flag and was the featured guest.

The interview is definitely worth a listen. You can download it by clicking below:

S Corporation News Clips

Camp Draft Imminent

The long-awaited Camp tax reform plan is expected next week and the press is bulging …

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admin2019-02-01T20:05:24+00:00February 24, 2014|