Home/The Washington Wire Archive

S-Corp Protests PPP Loan Forgiveness Form

The Paycheck Protection Program has been one of the Federal government’s most successful responses to the COVID-19 pandemic, but it’s effectiveness has been hamstrung from the outset by the SBA and Treasury Department.

Today, the S Corporation Association joined 75 other trade groups in objecting to the latest misstep by the agencies – an intrusive and legally dubious 9-page “Loan Necessity Questionnaire” (Forms 3509 and 3510) that larger PPP borrowers would need to fill out in order to have their loans forgiven.  The forms demand information not previously required from borrowers and raise new challenges to extending and improving

(Read More)

S-Corp Protests PPP Loan Forgiveness Form2020-11-17T22:14:08+00:00

Treasury Blesses SALT Parity Reform

Huge news out of Treasury yesterday – the Department has blessed our SALT Parity reforms.  You can read the full Notice here.  As Law360 reports:

BREAKING: Treasury To Say Pass-through SALT Workarounds OK

State and local taxes imposed at the entity level on pass-through entities are permitted as a deduction and this “is consistent with the longstanding position” of the U.S. Department of the Treasury and the Internal Revenue Service the agencies said Monday.

This announcement comes on the heels of the election results that have all but eliminated any remaining uncertainty about the value of

(Read More)

Treasury Blesses SALT Parity Reform2020-11-13T15:23:55+00:00

Stop the Surprise Small-Business Tax Increase

An Op-ed by Christopher Smith, Executive Director of the Parity for Main Street Advisors coalition, ran this morning in the Morning Consult.

The Payroll Protection Program enacted this past spring has helped millions of employers and workers survive an economy that was in freefall from COVID-related closures. Now, with the recovery underway, those same small businesses will face a surprise $100 billion tax hike if Congress fails to act soon. 

The PPP program’s design was simple – use local banks to provide loans to smaller employers during the shutdown. If the employers used the money to keep workers employed and on other

(Read More)

Stop the Surprise Small-Business Tax Increase2020-09-29T14:12:21+00:00

Tax Outlook Under a Possible Democratic Sweep

On September 22nd, S-Corp hosted a Zoom briefing entitled “Tax Outlook under a Possible Democratic Sweep” featuring George Callas, Managing Director, Government Affairs at Steptoe Johnson LLP, and Brian Reardon, President of the S Corporation Association.  With the former Vice President continuing to lead in the polls and the elections less than two months out, taxpayers are taking a harder look at his policies and considering what might emerge from a Democratic-led Congress next year.  The speakers cover the details of Biden tax plan, how they might affect taxpayers both foreign and domestic, and how that plan might evolve as

(Read More)

Tax Outlook Under a Possible Democratic Sweep2020-09-23T20:16:20+00:00

Priorities for Reopening Main Street

The Commerce Department last week revised its 2nd Quarter GDP estimates showing the economy shrunk by nearly one-third.  In a $22 trillion economy, that translates into nearly $2 trillion in lost wages, profits, retirement savings, etc.

The threat of this precipitous decline was the catalyst for the business community letter dated back on March 18th.  As Governors closed businesses and schools to slow the spread of COVID-19, one hundred and twenty national trade groups called on Congress to provide relief to families and employers that was on the same scale as the

(Read More)

Priorities for Reopening Main Street2020-08-31T20:58:58+00:00