The Washington Wire - The S Corporation Association

OB3 Refund Story Includes Main Street

In October we chatted with Piper Sandler’s Don Schneider to preview what the One Big Beautiful Bill would mean for tax season. Don forecast one of the largest refund seasons in history, with the typical refund level expected to grow by nearly $100 billion.

Now the firm is out with new analysis confirming those predictions. It also details how Main Street businesses can expect to benefit.

Based on the latest numbers, Main Street business owners will receive an estimated $27 billion in additional tax refunds during the 2026 filing season. These immediate savings stem from the restored bonus depreciation, immediate expensing, …

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admin2026-02-06T18:23:47+00:00February 6, 2026|

Talking Taxes in a Truck Episode 47: Jared Walczak on the Wealth Tax Proposal That’s Forcing Californians to Flee

On the latest episode of Talking Taxes in a Truck, we’re joined by Jared Walczak, Senior Fellow at the Tax Foundation, to unpack California’s proposed wealth tax and what it signals for state tax policy nationwide. Walczak explains why the unprecedented 5 percent tax – particularly its aggressive valuation rules for founders with super-voting shares – could dramatically overtax entrepreneurs, invite serious legal challenges, and accelerate capital and job flight. Jared also zooms out to talk national migration patterns, as many states move to cut taxes and boost competitiveness while a small number double down on higher taxes, intensifying interstate …

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admin2026-01-30T18:36:38+00:00January 30, 2026|

Tax Cuts Don’t Sell Themselves (But Big Refunds Help)

As tax season progresses, supporters of the Working Families Tax Relief Act are highlighting the provisions that made it possible.

That’s good news because tax cuts don’t sell themselves. As our friend David Winston pointed out in a recent op-ed, convincing Americans they benefited from tax legislation is often harder than passing it in the first place. Absent a concerted effort, the big refunds that are set to hit bank accounts in the months ahead won’t be connected back to the tax bill passed last summer.

Just to be clear – there’s lots to sell. Tax filing season is officially …

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admin2026-01-28T17:17:16+00:00January 28, 2026|

Wage Taxes are Destructive – Let’s Ditch Them

Last week’s circuit court decision on the meaning of “limited partner” has broad implications for S corporations in the coming tax battles. As noted in the court’s ruling:

This case turns on the meaning of “limited partner” in 26 U.S.C. § 1402(a)(13). The Tax Court interpreted “limited partner” to refer only to passive investors in a limited partnership. It therefore upheld the IRS’s upward adjustment of Sirius Solutions’s net earnings from self-employment. We disagree. A “limited partner” is a partner in a limited partnership that has limited liability. So we vacate and remand.

The court further noted:

So, to review, the pass-through …

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admin2026-01-22T14:46:15+00:00January 22, 2026|

Finish the Job on CTA

Earlier today, more than 100 trade associations urged Treasury to take immediate action to protect small business owners from unnecessary privacy and cybersecurity risks stemming from the Corporate Transparency Act (CTA).

The letter was led by the Main Street Employers Coalition and calls on Treasury to purge the CTA database of beneficial ownership information submitted by domestic entities that are no longer required to file. It also asks Treasury to quickly finalize the rule formally exempting U.S. businesses from the reporting requirement.

As the letter makes clear, the CTA was designed to combat illicit finance, not to warehouse sensitive personal …

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admin2026-01-20T16:42:43+00:00January 20, 2026|