The Washington Wire Archive - The S Corporation Association

S-CORP Testifies

Ahead of the extender deadline, S-Corp was on the Hill testifying yesterday that Congress needs to act to end the extender roller coaster and make permanent these provisions, including the built-in gains relief that affects so many of our S corporations. At a hearing hosted by the House Small Business Committee entitled “Tax Extenders and Small Businesses as Employers of Choice” S-Corp was represented by Tom Nichols, Chairman of our Board of Advisors.

Tom opened his remarks by highlighting the important role pass-through businesses play …

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admin2019-02-01T19:59:03+00:00December 4, 2015|

Extenders – The Post-Thanksgiving Update

Lots of noise on the extender front, but is there progress being made? Hard to tell. Last week, a list of potential items made the rounds that would have made some provisions permanent, some extended for 5 years, and some extended for 2 years. Specifically, the list included:

Permanent: All the House passed permanent provisions, including small business expensing and the shorter built-in gains recognition period but not bonus depreciation, plus changes to the American Opportunity tax credit, child tax credit, the earned income tax credit.
5-Year: Bonus depreciation, the Production Tax Credit and Investment Tax Credit, and the Work Opportunity Tax …

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admin2019-02-01T19:59:03+00:00December 2, 2015|

Legislative Update: The Pre-Thanksgiving Edition

We’re tracking two key tax items at the moment – tax extenders and international reform. Here’s our outlook for both.

For extenders, Congress has once again ignored the needs of American businesses by delaying adoption of a multi-year extender package until the last possible moment. What’s the point of encouraging businesses to invest in new equipment if those provisions are enacted only retroactively? Not only does it undermine the policy, it creates a dynamic where pass through owners are required to overpay their taxes over the course of the year, draining money from their businesses and reducing their ability to hire …

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admin2019-02-01T19:59:03+00:00November 18, 2015|

Brady Elected Chairman of Ways and Means

On Wednesday, the Republican Steering Committee tapped Rep. Kevin Brady (R-TX) to succeed Speaker Ryan as the committee’s chairman. Both he and his challenger, Rep. Pat Tiberi (R-OH), are strong allies of S corporations and pass-through businesses, so we excited to see him take on the gavel.

What does Brady’s ascension mean for tax policy? The Wall Street Journal has an interview with the new Chairman this morning, where Brady makes clear he wants to move a robust tax extender package (yea!) this fall then spend next year pushing the “step one, step two” plan for tax reform outlined by …

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admin2019-02-01T19:59:03+00:00November 6, 2015|

What’s On Deck for the Rest of 2015

Speaker Boehner had a three step plan at the beginning of October: 1) Resign at the end of the month; 2) Clear the legislative decks of controversial and difficult items; 3) Turn the gavel over to a new Speaker to begin their tenure with a clean slate.

Looking back, he pretty much pulled it off. Sure, the Speakership went to Paul Ryan, not Kevin McCarthy, and not all the tough legislative items cleared Congress, but the simple fact is that Speaker Ryan begins his term with a much more manageable set of issues than the laundry list of must pass items …

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admin2019-02-01T19:59:04+00:00November 2, 2015|