The Washington Wire Archive - The S Corporation Association

House Small Business on CTA

With the Corporate Transparency Act in effect for several months now, the House Small Business Committee convened to discuss how the rollout of the new law is going. The short answer – not so good.

The hearing featured testimony from three small business stakeholders who covered everything from compliance costs to legal and cybersecurity risks posed by the reporting requirements.

The first witness was Carol Roth, whose advocacy on behalf of the Main Street business community we’ve covered previously. Asked by Congressman Dan Meuser whether Treasury had reached out to affected …

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admin2024-04-30T20:51:56+00:00April 30, 2024|

Main Street Backs CTA Repeal

Today over 100 trade associations, representing millions of small businesses nationwide, strongly supported legislation introduced by Representative Warren Davidson (R-OH) to repeal the Corporate Transparency Act (CTA).

Appropriately named the “Repealing Big Brother Overreach Act”, the legislation would put an end to the onerous and poorly-conceived reporting regime that targets virtually every small business operating in America. That effort will also be joined by Senator Tommy Tuberville (R-AL), who plans to introduce a companion bill in the Senate early next week.

By way of background, the CTA took effect this year and requires small businesses and other covered entities to report …

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admin2024-05-02T20:56:54+00:00April 29, 2024|

Fiscal Cliff Gets Renewed Focus

In a sign that lawmakers are not content simply waiting until next year to address a litany of scheduled tax hikes, House Ways & Means Committee Chairman Jason Smith yesterday announced a series of “tax teams” tasked with identifying legislative solutions to avert the 2025 fiscal cliff.

Ten groups in total, each comprised of at least give Republicans from the panel, will address a specific policy area, from manufacturing to global competitiveness.

The team that caught our eye will focus on Main Street, and is appropriately led by Congressman Lloyd Smucker (PA), a staunch ally of the pass-through business community and …

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admin2024-04-25T13:43:13+00:00April 25, 2024|

Support CTA Relief

The House Small Business Committee is holding a hearing on the Corporate Transparency Act later this month. One witness will be Carol Roth, a bestselling author and small business advocate who has helped lead the charge against the poorly crafted law.

We’ve covered the CTA at length over the past few years but the bottom line is that while reporting under the CTA started already and the deadline is the year’s end, only a tiny percentage of the targeted 33.6 million small businesses even know it exists. That’s bad because a failure to file is accompanied by thousands …

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admin2024-04-16T20:48:03+00:00April 16, 2024|

Main Street on the Hill

S-Corp and its friends at the National Federation of Independent Business hosted a Tax Day briefing for Hill staff and other stakeholders yesterday. The topic: the massive tax hikes threatening Main Street at the end of 2025.

As readers know, the expiration of the Section 199A deduction coupled with significant increases in the marginal rates paid by the 95 percent of businesses nationwide is a significant challenge facing Main Street and Congress next year. We know Congress is going to have to act, and we know the issues in play are new …

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admin2024-04-16T17:01:05+00:00April 16, 2024|