The Washington Wire - The S Corporation Association

Congressman Kustoff Hosts 199A Roundtable in Memphis

Members of the Main Street Employers Coalition convened in Memphis, Tennessee yesterday for a roundtable event hosted by Congressman David Kustoff. It was the latest of many “Tax Teams” events we’ve held in recent months and is part of Ways & Means Chairman Jason Smith’s plan to solicit input from stakeholders as lawmakers work to avert the 2025 fiscal cliff.

The group in attendance spanned all corners of the Main Street business community, from wine and spirits wholesalers to contractors to restaurant and barbershop owners. As with previous roundtables, participants focused on the Section 199A deduction and the disastrous consequences of …

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admin2024-10-04T15:17:25+00:00October 4, 2024|

CTA Pressure Ramps Up

As a followup to yesterday’s CTA Watch newsletter we wanted to highlight two notable items, starting with a great thread by our friend Liam Donovan from the Associated Builders and Contractors. Liam breaks down the history of the CTA, the statute’s underlying flaws, and where things currently stand:

Among his other points, Liam does an excellent job of explaining just how confounding the Senate’s failure to act is here:

So if the dysfunctional, do-nothing House passed a CTA relief bill with the support of 99.8% of the chamber almost a year …

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admin2024-10-03T17:51:02+00:00October 3, 2024|

CTA Update | October 2, 2024

Notable Developments

Weak compliance numbers heighten concern
Appeals court hears oral arguments
Full court press in Ohio
CTA is not a tax enforcement exercise

* * *

Regulatory Update

New filing data from FinCEN is out and it paints a bleak picture when it comes to nationwide compliance rates. As the linked data shows, the vast majority of businesses required to file under the CTA have not done so – despite just three months to go before the year-end filing deadline – meaning millions of small business owners and their employees will become de facto felons come that start of 2025.

Also worth …

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admin2024-10-02T18:37:19+00:00October 2, 2024|

S-Corp Submits International Tax Team Comments

More on the Ways & Means “Tax Team” front. The S Corporation Association today submitted its comments to the members of the Global Competitiveness Tax Team.

For many readers, the idea that the S corporation community has a large international presence may come as a surprise, but they do and the issues surrounding their treatment under Section 199A, GILTI, the IC-DISC, and Pillar 2 are substantial and worthy of Congress’ attention. As the comments state:

The S Corporation Association has a long history of advocacy on international tax issues. While this discussion typically focuses on C corporations, many S corporations and …

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admin2024-10-02T16:54:28+00:00October 2, 2024|

S-CORP Jobs App is Live!

Just in time for the fiscal cliff battle, the S-Corp Mobile App lets users see detailed employment data on pass-through businesses in their states and congressional districts, all on your phone and at the push of a button.

The goal here is to arm our allies and key stakeholders with the information they need as we head into the 2025 fiscal cliff battle. Backed by data from EY, the app provides advocates with state- and district-level data on just how many jobs S corporations, partnerships, sole props, and LLCs provide. It’s a …

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admin2024-10-01T15:03:48+00:00October 1, 2024|