The Washington Wire Archive - The S Corporation Association

Talking Taxes in a Truck Episode 29: NFIB’s Kevin Kuhlman on Looming CTA Reporting Requirements and 199A Permanence

Our latest podcast guest is Kevin Kuhlman, Vice President of Federal Government Relations at the National Federation of Independent Business (NFIB). Kevin kicks things off by recapping his testimony before the House Financial Services Committee, and explains how the Corporate Transparency Act’s reporting rules will saddle the small business community with unprecedented compliance costs and the threat of hefty fines and jail time, while doing virtually nothing to combat illicit activity. Later he discusses the strong show of support in the House for Rep. Lloyd Smucker’s Section 199A permanence bill, the Main Street Tax Certainty Act (H.R. 4721); how small …

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admin2024-02-12T18:22:18+00:00July 22, 2023|

Main Street Certainty in the House!

Congressman Lloyd Smucker today will introduce the Main Street Tax Certainty Act, legislation to make permanent the Section 199A deduction. The bill mirrors S. 1706, recently introduced by Senator Steve Daines, so the campaign to protect Main Steet from looming tax hikes is now bicameral and bipartisan.

The legislation introduced today enjoys widespread support in the House. Over 80 original cosponsors joined Smucker in its introduction, including Democratic Representatives Henry Cuellar (TX) and Josh Gottheimer (NJ), and all 25 Republican members of the Ways & Means Committee.

Meanwhile, over 160 trade associations joined our letter thanking Congressman Smucker and Senator …

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admin2023-07-18T18:45:41+00:00July 18, 2023|

Targeting the CTA

S-Corp President Brian Reardon is out with an op-ed in the Washington Examiner that breaks down just how onerous and poorly constructed the Corporate Transparency Act’s reporting requirements really are.

We’ve written about the CTA at length (here, here, and here) but the piece that ran on Monday is designed to sound the alarm to an even broader audience. It begins:

Starting next year, millions of small business owners will get a letter from a federal agency they’ve never heard of, telling them they need to comply with a law nobody’s told them about. Most, like reasonable people, …

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admin2023-10-04T16:39:25+00:00July 5, 2023|

Tax News Roundup

Before the Independence Day festivities kick off, we wanted to wrap up the week by sharing three news-worthy items on the tax front important to the Main Street community.

SCOTUS on Taxes

First, the Supreme Court will take up a case challenging Congress’ authority to levying income taxes before the income is realized. At the heart of Moore v. United States is the plaintiff’s claim that the federal government exceeded its constitutional authority by taxing earnings before they were repatriated back to the United States. Under Section 965, Congress deemed the earnings to have been repatriated and then imposed a tax on …

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admin2023-06-29T20:21:53+00:00June 29, 2023|

Talking Taxes in a Truck Episode 28: Tony Simmons on the 150-Year Tabasco Legacy

This week’s guest is Tony Simmons, the former President and CEO of McIlhenny Company and long-time Chairman of the S Corporation Association. Tony shares the history of Tabasco – starting with a single pepper plant back in 1868 and now a storied worldwide brand – as well as the importance of family-owned businesses and the role that tax policy plays in deciding whether to pass a company down from one generation to the next.

This episode of the Talking Taxes in a Truck podcast was recorded on June 22, 2023, and runs 35 minutes long.

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admin2023-06-23T15:32:08+00:00June 23, 2023|