The Washington Wire Archive - The S Corporation Association

S-CORP Testifies

The S Corporation Association took center stage on Capitol Hill yesterday at a Tax Day hearing before the House Small Business Committee.

Lynn Mucenski-Keck, an S-Corp Advisor and Principal at the national accounting firm Withum did a great job representing the pass-through community at the hearing focused on business tax issues and the impact they have on the small business community.

As S-Corp readers know, Lynn is a long-time advocate for, and prolific writer on good tax policy. She is also a past (excellent) guest on our “Talking Taxes in …

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admin2023-04-19T17:05:27+00:00April 19, 2023|

A Main Street Care Package

Word on the street is that House Republicans will put together a package of pro-growth provisions later this Spring, including a tax title. The effort is timely given our uncertain economic outlook and the current tax landscape, and it works especially as a counter to the Biden administration’s aggressively anti-Main Street budget proposals.

What might make it into the tax package? Here are some suggestions.

Inflation, EBIT, and 163(j)

A big revenue raiser in the Tax Cuts and Jobs Act was the new cap on interest deductibility. Starting in 2018, the amount of interest expense a business could write off was …

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admin2023-04-06T21:58:11+00:00April 6, 2023|

Reviewing the SALT Parity Landscape

Thanks to the efforts of S-Corp and our allies over the past five years, 31 states have adopted our SALT Parity reforms to date, with another half-dozen actively considering them. Those new laws have enabled pass-through businesses to save north of $10 billion each year, a figure that will only increase as more states and businesses embrace the approach.

As background, the 2017 Tax Cuts and Jobs Act subjected deductions on state and local taxes (SALT) on pass-through business income to …

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admin2023-10-26T18:55:22+00:00March 23, 2023|

New Budget Continues the Assault on Main Street

President Biden unveiled his budget proposal for the upcoming fiscal year yesterday and, as we predicted, it’s packed with tax hikes and other poorly-conceived policies that directly target the Main Street business community. The document calls for $4 trillion in tax hikes, nearly half of which would fall on the backs of small and family-owned businesses.

In response, S-Corp joined with 85 trade associations yesterday – including the American Farm Bureau Federation, Associated General Contractors, and the National Restaurant Association – to urge lawmakers to strongly oppose these provisions. The letter reads:

The President claims his budget will only …

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admin2023-03-10T18:50:45+00:00March 10, 2023|

An Anti-Main Street Budget

The President is set to release his third budget later today and, as in the past, it’s sure to call for higher taxes on family-owned businesses. The Administration already circulated a fact sheet on its Medicare plan which includes a $300 billion-plus tax hike on S corporations and partnerships (see below). Meanwhile, the President has been talking for weeks about making “super-wealthy tax cheats” pay more in taxes. That’s code for raising taxes on private companies that already pay lots of taxes.

Here’s what S-Corp members should look for in today’s release, and what it all means for them and …

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admin2023-03-09T14:50:22+00:00March 9, 2023|