The Washington Wire - The S Corporation Association

Talking Taxes in a Truck Episode 34: Piper Sandler’s Don Schneider on the Tax Package’s Fate, Looming Debt and Deficit Crisis, and Monetary Policy Outlook

The House last week moved a large tax package. Will the Senate follow suit? To answer that and other burning questions, we spoke to Don Schneider, Deputy Head of U.S. Policy at Piper Sandler and the former Chief Economist at Ways & Means. Don explains why it might be too early to pop the champagne on the House-passed tax bill. Later he discusses the worsening spending crisis, what to expect from the Fed over the next several months, and the biggest myths he’s encountered on Twitter.

This episode of Talking Taxes in a Truck was recorded on February 1, 2024, and …

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admin2024-02-05T18:36:19+00:00February 5, 2024|

Tax Package Heads to the Senate

Yesterday evening the House came out in strong support for the tax relief package negotiated by Chairmen Ron Wyden (D-OR) and Jason Smith (R-MO). Less than two weeks after sailing through the Ways & Means Committee, the bill passed the full House 357-70 and now heads to the Senate. Below is a look at what’s inside the bill, its prospects in the upper chamber, and what it means for the Main Street business community.

Bill’s Provisions

The Tax Relief for American Families and Workers Act is centered on reversing several of the TCJA’s key revenue raisers. The bill allows for immediate expensing …

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admin2024-02-01T14:46:15+00:00February 1, 2024|

Talking Taxes in a Truck Episode 33: Eurasia Group’s Jon Lieber on the Tax Package, Elections, and more.

We’re just two weeks into the New Year and Washington is already abuzz with potential deals on spending and taxes. What’s in the bill? What’s out? Can lawmakers get it across the finish line? This week we’re joined by Jon Lieber, head of research and managing director for the United States at Eurasia Group. Jon makes the bull and bear cases for a tax package moving and how it all affects the 2025 fiscal cliff landscape. Later he discusses what’s at stake for Main Street businesses in the upcoming elections and the looming debt crisis facing the American economy.

This episode …

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admin2024-01-12T18:40:48+00:00January 12, 2024|

2024 Tax Policy Outlook

It still feels like the calm before the storm, but federal lawmakers are back in town to kick off what could be a surprisingly interesting year for tax policy. Below are a few items we’ll be watching closely on behalf of the pass-through business community.

Tax Package in the Funding Deal?

The big news this weekend was the deal reached by party leaders to keep the federal government funded through 2024. The deal calls for modest increases in defense spending while keeping non-defense outlays at current levels. It also executes some of the targeted spending cuts that were agreed to in …

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admin2024-01-10T00:38:41+00:00January 10, 2024|

CTA Criticism Growing

With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of the year to do so. Filers must also notify FinCEN of any changes to their initial report within 30 days.

As we’ve written previously, the new compliance regime is more than just an administrative headache. Failure to comply carries steep fines and jail …

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admin2024-01-03T19:00:30+00:00January 3, 2024|