The Washington Wire - The S Corporation Association

Talking Taxes in a Truck Episode 28: Tony Simmons on the 150-Year Tabasco Legacy

This week’s guest is Tony Simmons, the former President and CEO of McIlhenny Company and long-time Chairman of the S Corporation Association. Tony shares the history of Tabasco – starting with a single pepper plant back in 1868 and now a storied worldwide brand – as well as the importance of family-owned businesses and the role that tax policy plays in deciding whether to pass a company down from one generation to the next.

This episode of the Talking Taxes in a Truck podcast was recorded on June 22, 2023, and runs 35 minutes long.

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admin2023-06-23T15:32:08+00:00June 23, 2023|

The Importance of 199A

Today’s House Budget Committee hearing on “Incentivizing Economic Excellence Through Tax Policy” is a good chance for members to learn about the importance of the Section 199A deduction for individually and family-owned businesses.

This deduction was enacted as part of the Tax Cuts and Jobs Act and serves two primary purposes – 1) to encourage job creation and economic growth by reducing the tax burden on pass-through businesses and 2) to ensure tax parity between pass-throughs and C corporations with their lower, 21-percent rate.

Did it work? A new study by Robert Carroll at EY suggests that a rough parity …

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admin2023-06-22T13:56:01+00:00June 22, 2023|

Congress Focused on CTA Flaws

With just six months to go before the Corporate Transparency Act’s (CTA) reporting requirements take effect, federal lawmakers are sounding the alarm over just how far reaching – and poorly constructed – the rules are.

A quick primer for those new to the issue: the CTA requires smaller businesses and other entities to annually report the personal information of their “beneficial owners” to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to FinCEN, “beneficial owner” includes individuals with at least a 25-percent stake in the business, as well as those who serve on the entity’s board, helped organize the entity, …

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admin2023-10-04T16:39:35+00:00June 16, 2023|

Does the House Tax Bill Have Legs?

The Ways and Means Committee began marking-up its long-discussed economic package earlier this morning. The package includes a number of provisions important to the pass-through community, including restoring R&E deductions and offering relief from the tighter interest expense caps. Here’s a quick review of the package and what we expect.

Details

The Ways and Means Committee is currently marking up a three tax bills under the banner of the “American Families and Jobs Act.” The goal is for House Republicans to report them out of committee, combine them with work products from other committees, and then bring that broader package to …

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admin2023-06-13T16:07:08+00:00June 13, 2023|

Debt Limit Deal

The BIG news over Memorial Day was the debt limit deal reached by President Joe Biden and Speaker Kevin McCarthy. While the package is an obvious compromise, the result is a big positive signal for the long-term budget picture that should not be overlooked. It’s also a signal that, with tensions high and a hostile press, the government can still operate as it is supposed to.

The deal centers on a suspension of the debt ceiling through calendar year 2024. We did a deep dive last week on what a default would look like, but the takeaway was that those …

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admin2023-05-31T23:14:58+00:00May 31, 2023|