The Washington Wire Archive - The S Corporation Association

Wealth Tax Mania Spreads East

With California’s wealth-tax debate heating up, it appears Congress does not want to be outdone. New York Democratic Representative Dan Goldman has introduced a new tax aimed at appreciated property held by high-net-worth individuals. The legislation offers yet another chance to highlight why tax proposals targeting capital all suffer from the same fatal flaws.

Goldman’s Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt (ROBINHOOD) Act would impose a 20-percent excise tax on loans secured by appreciated assets. When a taxpayer borrows against the value of stock, real estate, or a business interest that has risen in value, …

(Read More)

admin2025-12-23T15:40:17+00:00December 23, 2025|

Talking Taxes in a Truck Episode 46: Tom Nichols on the Backdoor Tax Hike That Needs to be Repealed

Our guest is Tom Nichols, partner at the Milwaukee-based Meissner Tierney Fisher & Nichols, longtime advisor to S-Corp, and author of an excellent new piece exposing the Section 461(l) Excess Business Loss limitation for the money-grabbing fraud it is. Tom walks through the provision’s origins, the harm it does to affected businesses, and how flawed revenue estimates drove the policy. We also get into our SALT Parity efforts and how the state laws and legal analysis he drafted helped pave the way for $20 billion in annual tax savings for Main Street businesses.

This episode of the Talking Taxes in …

(Read More)

admin2025-12-19T16:35:04+00:00December 19, 2025|

Taxing Losses

Tom Nichols, a shareholder at Milwaukee’s Meissner Tierney Fisher & Nichols and a longtime S-Corp advisor, is out with a great piece in Tax Notes that takes aim at the poorly-crafted Section 461(l) excess business loss limitation. “A Problematic Solution to a Nonexistent Problem” breaks down the provision, its real-world consequences, and the flawed policy rationale that led to its inception.

Prior to the Tax Cuts and Jobs Act, active pass-through business losses were used by owners to offset wages, investment income, and other business income. This treatment reflected the basic principle that income taxes should be paid on an …

(Read More)

admin2025-12-17T19:32:13+00:00December 17, 2025|

CTA Setback

Breaking news from the Eleventh Circuit Court of Appeals. In a 3-0 decision issued this morning, a three-judge panel reversed our landmark district court ruling that the Corporate Transparency Act (CTA) was unconstitutional.

Readers will remember that district court victory as huge win for Main Street. It not only paved the way for additional successful court challenges, it also freed FinCEN to focus on new rules that limited the CTA’s scope significantly.

Unfortunately, today’s ruling goes in the other direction. Writing for the Eleventh Circuit, Judge Brasher concluded that the CTA falls within Congress’s power under the Commerce Clause:

We …

(Read More)

admin2025-12-16T21:57:13+00:00December 16, 2025|

SALT Parity Certainty

It’s been seven years since the first state enacted our SALT Parity legislation restoring the SALT deduction for pass-through businesses.

Since that time, thirty-five other states have followed suit, the IRS issued Notice 2020-75 in support of the state laws, and Congress considered but rejected several efforts to repeal or otherwise limit the deduction for pass-throughs. (As always, C corporations continue to deduct their SALT without limitation or debate.)

After all that, you’d think the tax community would accept that our SALT Parity laws are in good standing. You’d be wrong.

The latest example of hand-wringing comes from a recent …

(Read More)

admin2025-12-05T19:34:29+00:00December 5, 2025|