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Talking Taxes in a Truck Episode 33: Eurasia Group’s Jon Lieber on the Tax Package, Elections, and more.

We’re just two weeks into the New Year and Washington is already abuzz with potential deals on spending and taxes. What’s in the bill? What’s out? Can lawmakers get it across the finish line? This week we’re joined by Jon Lieber, head of research and managing director for the United States at Eurasia Group. Jon makes the bull and bear cases for a tax package moving and how it all affects the 2025 fiscal cliff landscape. Later he discusses what’s at stake for Main Street businesses in the upcoming elections and the looming debt crisis facing the American economy.

This episode

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2024-01-12T18:40:48+00:00January 12, 2024|

2024 Tax Policy Outlook

It still feels like the calm before the storm, but federal lawmakers are back in town to kick off what could be a surprisingly interesting year for tax policy. Below are a few items we’ll be watching closely on behalf of the pass-through business community.

Tax Package in the Funding Deal?

The big news this weekend was the deal reached by party leaders to keep the federal government funded through 2024. The deal calls for modest increases in defense spending while keeping non-defense outlays at current levels. It also executes some of the targeted spending cuts that were agreed to in

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2024-01-10T00:38:41+00:00January 10, 2024|

CTA Criticism Growing

With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of the year to do so. Filers must also notify FinCEN of any changes to their initial report within 30 days.

As we’ve written previously, the new compliance regime is more than just an administrative headache. Failure to comply carries steep fines and jail

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2024-01-03T19:00:30+00:00January 3, 2024|

Congress Moves CTA Delay (Maybe)

Lots of action with the CTA in the weeks leading up to New Year’s. On Tuesday past, the House advanced the Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119) sponsored by Representatives Joyce Beatty (D-OH) and Zach Nunn (R-IA), legislation that would extend key deadlines under the Corporate Transparency Act. The bill passed on the Suspension Calendar – a procedural move reserved for non-controversial measures – and sailed through with a vote of 420 to 1. More on this bill and its implications below.

While the House was adopting the Nunn bill, a bicameral group of

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2023-12-21T18:59:41+00:00December 21, 2023|

Webinar Recap: CTA Compliance – What Main Street Needs to Know

Starting in January, the Corporate Transparency Act will require more than 32 million businesses and other legal entities to report the personal information of their owners, key employees, and others to the federal government. 32 million!

The CTA is complex, expansive, and with less than a month to go, most Main Street businesses remain completely oblivious as to its existence.

To help demystify it all, S-Corp hosted a webinar yesterday featuring longtime ally and CTA expert Tim Terry of Hartz Capital.  Tim’s slides can be found here, and you can access a recording of the webinar by

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2023-12-13T17:51:02+00:00December 13, 2023|