The Washington Wire Archive - The S Corporation Association

S-CORP Testifies on Nexus Issues

The House Judiciary Committee held a hearing Wednesday on the Business Activity Tax Simplification Act of 2013 (H.R. 2992), a bill that seeks to rationalize the current maze of state and local practices when it comes to taxing businesses residing outside their borders.

Testifying in support of the legislation was S-CORP Chairman Tony Simmons, President and CEO of the McIlhenny Company. In his testimony, Tony got right to the heart of the matter and described the burden faced by his and similar companies doing conducting business across state lines:

Monitoring, interpreting, and compliance with, in many cases, unclear and constantly changing …

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

Camp Draft Released

Ways and Means Chairman Dave Camp (R-MI) released his long-awaited tax plan yesterday. The Chairman has worked hard to put out a plan that addresses the biggest challenges faced by the tax code, and he should be applauded for keeping this effort alive.

From day one, Camp has been our lead in promoting comprehensive reform that addresses both the individual and the corporate tax codes. Such an approach was needed if pass-through businesses like S corporations and LLCs were going to be treated in an even handed manner. This priority of leveling the playing field was embraced by our Main …

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admin2019-02-01T20:05:24+00:00February 27, 2014|

S-CORP on the Air

February 21, 2014

Earlier this week, S-Corp Executive Director Brian Reardon took to the airwaves to talk all things S-Corp with radio host Mark Kohler.

Kohler hosts a weekly program devoted to tax issues that are important to individuals and businesses. This Tuesday, Mark spent his entire show focusing on S corporations. Brian carried the S-Corp flag and was the featured guest.

The interview is definitely worth a listen. You can download it by clicking below:

S Corporation News Clips

Camp Draft Imminent

The long-awaited Camp tax reform plan is expected next week and the press is bulging …

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

New Finance Committee Chair

February 14, 2014

Senator Ron Wyden (D-OR) took the helm of the Finance Committee this week. What does this mean for tax policy? Here’s what the press has to say:

The Hill tells us he blames Republicans for gridlock on tax reform;
Roll Call says he’s the “most liberal [Finance Chair] ever”;
Forbes says he wants to level out rates on ordinary and investment income; and
Politico observes he has a “penchant for big ideas.”

Beyond that, a couple consistent items do stand out. First, it appears the new chairman is with us on the need for comprehensive, rather than corporate only, …

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

CBO Gets Effective Rate Wrong

February 6, 2014

The tax reform effort may face significant headwinds, but the debate over who pays what continues, with the business community doing a good job of articulating just how much they pay in taxes and entities like the Congressional Budget Office, well, not.

Embedded in yesterday’s economic update is a section entitled “Corporate Income Taxes” that includes a chart showing the effective tax rate of the domestic profits of C corporations declining over time. The effective corporate tax rate was in the 30s during the 1970s, in the 20s during the 1980s and 1990s, but now is down in …

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