The Washington Wire Archive - The S Corporation Association

2008 Tax Forecast

While everyone else is predicting the presidential primaries, we thought we’d take a look at the forecast for tax policy in Congress this year.

The usual refrain for a presidential election year is that all the real policy issues are pushed aside in favor of posturing for the election and the following session of Congress.

While we expect to see lots of posturing, there are two reasons why some real tax work might get done this year, namely, the deteriorating economy and the expiration of the R&E tax credit and other tax extenders.

Nearly all of the Presidential candidates have put forward a …

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admin2019-02-06T18:43:58+00:00January 16, 2008|

President Bush Plugs S Corps in Chicago

Say what you want about this President, he understands the important role S corporations play in the economy and the critical link between low tax rates, business investment, and job creation. This excerpt is from the President’s speech in Chicago on Monday, but it could have come from any of his economic speeches over the past seven years.

“I don’t think there are many folks who believe that Washington really needs more of your money — I certainly don’t. Unfortunately, Americans could be facing higher taxes unless Congress takes action to stop it. You see, …

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admin2019-02-06T18:43:58+00:00January 9, 2008|

Congressman Kind Introduces S Corp Modernization Bill

Just before Congress left for the holiday break, Congressman Ron Kind (D-WI) introduced legislation to help improve the rules under which S corporations operate. The bill, H.R. 4840, is entitled the “S Corporation Modernization Act of 2007″ and was cosponsored by a strong bipartisan set of members, including Representatives Jim Ramstad (R-MN), Stephanie Tubbs Jones (D-OH), Allyson Schwartz (D-PA), Phil English (R-PA), Sam Johnson (R-TX), and Steve Kagen (D-WI).

Congrats to the Kind office for introducing this important legislation and putting together this impressive list of cosponsors. Given that most of our S corporation challenges are tax-related, the fact that six …

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admin2019-02-06T18:43:58+00:00December 20, 2007|

AMT and Other Updates

Just after Thanksgiving, we put together a list of the must-pass items that Congress would turn to in December, including the AMT/Extender package, omnibus spending bill, farm bill, S-CHIP, energy bill, and Medicare Doctors payment legislation.

With just a few hours to go in this congressional session, it looks like many of these items will clear the Congress “in one form or another” and be sent to the President. In just the last day, the two bodies dealt with the omnibus spending bill (including $70 billion to fund the war in Iraq), a six-month extension of doctors’ payments under Medicare and …

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admin2019-02-06T18:43:58+00:00December 19, 2007|

Senate Passes AMT

The United States Senate last evening passed a one-year extension of the so-called AMT patch – a higher AMT exemption to protect 20 million or so taxpayers from being subjected to the AMT on April 15^th. This bill did not include any offsets and it did not include any additional extenders, either.

Senate Republicans, as well as some Democrats – including Finance Committee Chairman Max Baucus – have observed that, since much of the revenue collected by the AMT is accidental and was not intended by Congress, it is nonsensical to insist that protecting taxpayers from the tax should be offset …

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admin2019-02-06T18:43:58+00:00December 7, 2007|