The Washington Wire - The S Corporation Association

The Experts are Wrong (Part 4)

The key debate before Congress next year is how to tax large, family-owned businesses. There is no debate over how to tax smaller businesses. Nobody on the left or right is arguing to raise taxes on small businesses.

This reality is lost, once again, on the tax experts. For example, several economists at Treasury are out this month with a new paper on business tax rates and our friends at the Tax Foundation have already flagged it with misleading tweets:

A casual reader would conclude the Treasury paper demonstrates that S …

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admin2024-11-20T19:20:49+00:00November 20, 2024|

Event Spotlights Section 199A Permanence

Earlier today our friends at NFIB held an event on Capitol Hill focused exclusively on the looming expiration of the Section 199A deduction, and what it means for the Main Street business community.

The event kicked off with a discussion featuring Ways and Means members Lloyd Smucker (R-PA) and Brad Schneider (D-IL). S-Corp readers will recognize Smucker as the lead sponsor of our Main Street Certainty Act in the House, which now has 192 cosponsors!

A couple highlights – first, Representative Smucker discussed the importance of making 199A permanent:

As head of the …

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admin2024-11-19T20:48:22+00:00November 19, 2024|

CTA Update | November 13, 2024

Notable Developments

Lawmakers ramp up pressure on FinCEN
Revisiting compliance cost estimates
Trump officials slam CTA
FinCEN offers limited filing relief
Physicians join the legal fight

* * *

Legislative Update

Last week more than 40 lawmakers sent a letter to FinCEN requesting a one-year delay of the CTA’s fast-approaching reporting deadline. The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues.

As we wrote in a recent post, the letter helps …

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admin2024-11-13T18:52:49+00:00November 13, 2024|

Lawmakers Renew Push for CTA Delay

Here’s a bit of good news on the Corporate Transparency Act front. More than three dozen lawmakers have sent a letter to the Financial Crimes Enforcement Network requesting a one-year delay of the CTA’s fast-approaching reporting deadline.

The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues. The letter was signed by 44 House members, including Majority Whip Tom Emmer (R-MN) and Financial Services Committee Vice Chair French Hill (R-AR).

With …

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admin2024-11-11T19:29:20+00:00November 11, 2024|

Congressman Hern Hosts 199A Roundtable

The Main Street Employers Coalition gathered in Oklahoma City earlier today for a roundtable discussion with Congressman Kevin Hern, himself a former pass-through owner and an original cosponsor of our 199A permanence bill.

It was a perfect venue for the gathering. Nearly two out of every three private sector jobs in Oklahoma are supplied by pass-through businesses who rely on 199A to reinvest in their workers and their communities, all while remaining competitive with larger publicly traded companies.

It’s the sixth event the group has …

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admin2024-10-30T13:53:28+00:00October 30, 2024|