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IRS Ramps Up

Doug Holtz-Eakin has a thoughtful blog post this week on the deterioration of our “voluntary” compliance tax system.

Whenever the term “voluntary” is used when discussing taxes, the tendency is for the audience to bust out laughing. Okay, sure, but it’s a real concept that used to be the heart of our tax system. Rather than send tax collectors door-to-door to make collections, our system relied on taxpayers calculating their own liability and then sending in the appropriate amount.

It was fairly unique in the world yet, as Doug points out, our compliance rate consistently ranks at the top at a solid

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2023-10-19T17:21:26+00:00October 19, 2023|

Tax Implications of the Speaker Battle

Last week, eight House Republicans, led by Representative Matt Gaetz (FL), voted with the entire Democratic conference to oust Speaker Kevin McCarthy.  What implications does this action have for Main Street businesses and tax policy?  Here’s our take.

Short-Term Tax Outlook

When the House votes for a new Speaker and gets back to business, its focus will return to those remaining appropriations bills necessary to fund the government. Last month’s CR gave Congress an extra 45 days (until November 17th) to get them done and, at the time, we expected those efforts to crowd out other priorities, including consideration of the

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2023-10-09T16:54:29+00:00October 9, 2023|

The Importance of NSBA’s Lawsuit

The House Financial Services Committee held a markup yesterday to consider twelve pieces of legislation. Notably absent was the Protecting Small Business Information Act (H.R. 4035), a bill to delay the Corporate Transparency Act’s January 1, 2024 effective date. The Main Street business community recently voiced its support for that legislation and had hoped to see it taken up by the panel.

The Committee’s failure to act raises two key points.

First, it is obvious House and Senate leaders are unaware of the political backlash coming their way if and when the CTA goes into full effect. By Treasury’s own

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2023-10-04T16:33:52+00:00September 21, 2023|

Talking Taxes in a Truck Episode 30: George Callas on Moore: Will the SCOTUS Upend the Tax Code?

How far will the Supreme Court go when it takes up Moore later this year? Will the IRS need to start writing refund checks? Is the entire pass-through regime in jeopardy? Can civil society survive?  To answer these questions, we’re joined by repeat podcast guest and S-Corp ally George Callas, EVP of Public Finance at Arnold Ventures and a long-time respected voice in the Capitol Hill tax policy world. George breaks down the 2017 tax law, what the suit alleges, and what’s at stake for S corporations and investors alike.

This episode of the Talking Taxes in a Truck podcast was recorded on

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2023-09-16T14:59:12+00:00September 16, 2023|

Hitting the “Pause” Button on the CTA

With the Corporate Transparency Act’s new reporting requirements set to take effect beginning January 1st, Main Street is asking Congress to pump the brakes on this ill-conceived law.  

letter signed by more than 80 trade associations — including NFIB, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable – calls on Congress to enact the Protecting Small Business Information Act of 2023 (H.R. 4035). Authored by House Financial Services Committee Chairman Patrick McHenry, the legislation would delay implementation of the CTA until Treasury finishes the necessary rulemaking process, giving affected businesses much-needed relief from the poorly conceived and drafted rules. As the letter states: 

Your legislation

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2023-10-04T16:39:19+00:00September 12, 2023|