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ENABLERS Targets Main Street, Not Oligarchs

A recent op-ed in the Washington Post has all the earmarks of blatant government overreach disguised as national security advocacy.  The op-ed, Congress is Letting International Money Launderers off the Hook supports the so-called ENABLERS Act and hits all the key words – “Putin,” “kleptocrat,” “ill-gotten gains,” “basic due diligence” – on the partisan FACT Coalition bingo card. What it fails to do is explain how the bill will make Americans safer or our financial system more secure.

The photo accompanying the story is a good example of just how badly the law will fail.  It shows the

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2022-11-29T14:17:54+00:00November 29, 2022|

The Corporate Transparency Act: Bad Policy and Unconstitutional

As we’ve observed previously, the Corporate Transparency Act is a poorly constructed bit of law. It will do little to combat money laundering as the criminals will simply refrain from self-reporting their crimes, but it will saddle millions of lawful small business owners with yet another reporting requirement as well as an opportunity to have their personal information spread all over the internet.

On Tuesday the National Small Business Association (NSBA) highlighted another reason to dislike the CTA: it’s unconstitutional. A lawsuit filed by the group in the U.S. District Court for the Northern District of Alabama argues the

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2022-11-18T19:39:31+00:00November 18, 2022|

Webinar Replay: Midterms Recap

On Thursday S-Corp hosted a webinar to break down the results of the midterm elections, and explain what it all means for the S corporation business community.

Hosted by S-Corp President Brian Reardon, the webinar laid out everything we know so far about the results, including why an expected “Red Wave” never actually reached the shore, the various scenarios that could still play out in the House and Senate, and the implications for tax policy in the lame duck and beyond.

 

A recording of the webinar can be accessed by clicking the image above,

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2022-11-11T20:47:06+00:00November 11, 2022|

Talking Taxes in a Truck Episode 23: “Maybe Everything We Know Is Wrong”

For this special Midterm Elections-themed podcast we’re joined by Jade West, Chief Government Relations officer at the National Association of Wholesaler-Distributors and Liam Donovan, a Principal at Bracewell. Jade, Liam, and Brian kick things off by talking about whether we can expect a “Red Wave” in the House – and if so, how big. Later the group breaks down each of the hotly-contested Senate races, and explains why the polls might be wrong once again. We close things out with predictions, election-night surprises, and hear from Brian about his high school days with Colorado Republican candidate Joe O’Dea.

This episode of

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2022-11-03T20:36:07+00:00November 3, 2022|

Quick Take on the Tax Gap

Last week’s release of new Tax Gap estimates continued the recent spate of good news on the tax front.  Recall that Treasury’s end-of-fiscal year results earlier this month showed collections rose 21 percent to a whopping $4.9 trillion.  As measured against GDP, that’s the third highest tax take in our history.

Individual receipts, including pass-through payments, were a key part of that growth. They accounted for most of the increase, rising by $593 billion, or 29 percent, in just one year. So much for the TCJA or a lack of IRS funding gutting our finances. Obviously, neither of those

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2022-11-02T18:26:26+00:00November 2, 2022|