The Washington Wire Archive - The S Corporation Association

Extenders in Play

Tax extenders have gone from the back bench to a starring role in recent weeks. The latest news is that the Ways and Means Committee will hold a markup next Tuesday where they will consider seven separate bills to make permanent certain extender items – including the built in gains tax relief provision and the basis adjustment for S corporation donations that were originally included in Chairman Camp’s tax reform discussion draft. According to our friends at Politico:

EXTENDERS BUZZ. Congress is back next week and the House Ways and Means Committee is kicking up its review of the …

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admin2019-02-01T20:05:24+00:00April 25, 2014|

Reps. Reichert & Kind Introduce Pro-S Corporation Bills

Yesterday, Congressmen Dave Reichert (R-WA) and Ron Kind (D-WI) introduced HR 4454 and HR 4453 to make permanent two tax provisions that are important to the S corporation community.

The first bill provides a permanent BIG tax fix by locking in the recognition period for the built-in gains tax at five years. The provision was included in Chairman Camp’s tax reform draft and was discussed earlier this week in a Ways & Means Committee hearing that included S-Corp ally Jim Redpath as one of the witnesses. The latter bill, H.R. 4453, makes permanent the basis adjustment for charitable giving by …

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admin2019-02-01T20:05:24+00:00April 11, 2014|

S-CORP Testifies on Built In Gains

Long-time S Corporation Association advisor Jim Redpath testified Tuesday before the Ways and Means Committee in support, among other items, of making permanent the 5-year recognition period for built in gains.

The hearing focused on making permanent a handful of so-called “extenders” that were part of Chairman Camp’s Discussion Draft released earlier this year, including the shorter built-in gains recognition period plus increased deductions for S corporations making charitable contributions.

Jim’s testimony, along with that of the four other witnesses, is available here. You can watch Jim’s testimony by clicking below:

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admin2019-02-01T20:05:24+00:00April 10, 2014|

Moving on Extenders

Extenders are back in play in the House and Senate. Finance Chairman Ron Wyden (D-OR) plans to release his package Monday, with amendments due on Tuesday and markup to begin on Wednesday.

Details of the Wyden plan are not available, but early indications are that his package will include most of the tax provisions that expired at the end of 2013 and that they will be extended for both 2014 and 2015. It doesn’t appear that the Chairman plans to offset the revenue loss of the package unless there are more modifications to the language than a simple date change.

Meanwhile, on …

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admin2019-02-01T20:05:24+00:00March 28, 2014|

S-Corp Payroll Tax Hike Re-Emerges

Both the Camp discussion draft and the President’s budget include provisions to expand the application of payroll taxes to S corporation income.

The White House proposal is an expanded version of efforts that failed in the Senate in 2010 and 2012, where 100 percent of income from a professional services businesses – law, accounting, consulting, etc. – organized as an S corporation, general or limited partnership, or an LLC taxed as a partnership, would be subject to SECA taxes.

The Camp provision, on the other hand, is a whole new approach that is dramatically broader than anything considered to date. …

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admin2019-02-01T20:05:24+00:00March 6, 2014|