The Washington Wire - The S Corporation Association

CTA Update | October 23, 2024

Notable Developments

Request for Signatories: Member letter to FinCEN
FinCEN says tech issues are your fault
Updated FAQ limits CTA exemption
HOAs have their day in court
TD Bank case shows the current system works

Legislative Update

Congresswoman Lisa McClain is circulating a letter (linked here) requesting that FinCEN delay the CTA’s year-end reporting deadline and is requesting support from additional offices. Word is Financial Services Committee member French Hill (R-AR) has signed on.

For staffers whose bosses would like to sign as well, please contact the Congresswoman’s LD Erik Kinney at Erik.kinney@mail.house.gov. To ensure we have a strong show …

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admin2024-10-23T20:02:43+00:00October 23, 2024|

Congresswoman Beth Van Duyne Hosts Texas Roundtable on 199A

Members of the Main Street Employers Coalition today joined Congresswoman Beth Van Duyne to discuss the critical role the Tax Cuts and Jobs Act (TCJA) and its Section 199A Main Street business deduction have played in driving investment and supporting job creation. It was the fifth event (see here, here, here, and here) we’ve helped organize under the Ways & Means tax teams banner, an effort initiated by committee Chairman Jason Smith aimed at soliciting feedback from businesses affected by the looming fiscal cliff.

The event kicked off with a tour of …

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admin2024-10-15T21:23:57+00:00October 15, 2024|

Tax Teams Comment Summary

Back in April, Chairman Jason Smith announced the formation of ten tax teams designed to identify legislative solutions to avert the coming 2025 fiscal cliff.

In addition to engaging directly with Main Street employers through hearings and roundtables (see here, here, here, and here), the effort requested feedback from stakeholders as to their priorities for the coming year. S-Corp and its allies responded with numerous comments, including:

Main Street Comments on Section 199A
S-Corp Comments on Section 199A and other Priorities
S-Corp Comments on International Tax Changes
S-Corp Comments on Excess …

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admin2024-10-15T17:05:30+00:00October 15, 2024|

Arrington Talks 199A and Chamber Hits Hill

Couple of items worth highlighting on the Section 199A front. First, House Budget Committee Chair Jodey Arrington (R-TX) joined CNBC’s Squawk Box yesterday to talk fiscal cliff and the ever-growing budget deficit. Asked by host Andrew Ross Sorkin whether going to a corporate tax rate of 15 percent “is the right answer,” Arrington replied:

I’m more interested in locking in permanent small business tax breaks that will expire at the end of next year, like the 20-percent 199A deduction, where Kamala Harris, in her tax proposal, would allow that to expire. When she says she won’t allow taxes to go …

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admin2024-10-10T16:46:45+00:00October 10, 2024|

Are JCT’s Tax Burden Tables Flawed?

One of the more bizarre tax policy moments this year was the Chairman of the Senate Finance Committee calling the distributional tables produced by the Joint Committee on Taxation (JCT) “junk math.”

Why bizarre? Well, for starters, Wyden is the Chairman of the JCT. Those estimates were being produced under his leadership, in preparation for a hearing he chaired. Far more importantly, there is nothing “junk” about them. The JCT has been producing similar tables using the same methodology for decades, as has Treasury, the Tax Policy Center, and others.

So why attack his own staff? To …

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admin2024-10-09T18:02:55+00:00October 9, 2024|