The Washington Wire - The S Corporation Association

Wyden Bill Targets Main Street

Last month, over 100 trade associations voiced their strong opposition to changes to the Section 199A pass-through deduction. Their message was clear: now, more than ever, businesses across the country are relying on Section 199A to stay afloat.

Despite this broad opposition, Finance Committee Chair Ron Wyden today announced that he was pressing ahead with a bill to phase out the deduction for taxpayers with incomes over $400,000, while eliminating it altogether for those with incomes exceeding $500,000.

Section 199A offers business owners a 20-percent deduction on their qualified business income, but the benefit is phased out for “specified service” trade …

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admin2021-07-21T11:45:40+00:00July 21, 2021|

Talking Taxes in a Truck Episode 12 – “That Pepto Bismol Moment”

Our latest podcast guest is Ryan Ellis, President of the Center for a Free Economy and an IRS enrolled agent. Ryan gives us his take on a proposal to increase IRS funding and create new bank reporting requirements, recent “tax gap” estimates, and the fate of the $3.5 trillion budget agreement unveiled earlier in the week.

This episode of Talking Taxes in a Truck was recorded on July 14, 2021, and runs 26 minutes long.

admin2021-07-15T17:27:30+00:00July 15, 2021|

California, Minnesota Join the SALT Parity Parade

Yesterday, California became the latest state to adopt our SALT Parity legislation. The reform was included in the state’s budget for the new fiscal year, which is good news for the State’s 600,000 S corporations who, along with California partnerships and LLCs, can now deduct the full amount of their state and local tax (SALT) payments on their federal taxes. The California good news came on the heels of Minnesota Governor Walz signing into law that state’s SALT Parity bill – H.B. 9 — just yesterday afternoon.

By our rough estimates, that means some $1.7 billion in annual tax relief for businesses …

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admin2021-07-02T16:51:32+00:00July 2, 2021|

Talking Taxes in a Truck Episode 11 – Washington Analysis’ Joe Lieber on the “Second Tax Package”

In our latest episode, Joe Lieber, Director of Research and Political Analyst at Washington Analysis, LLC, gives us his take on the bipartisan infrastructure deal, what a future tax package might look like, and what he’s cooking this Fourth of July weekend.

This episode of Talking Taxes in a Truck was recorded on July 1, 2021, and runs 19 minutes long.

admin2021-07-02T15:10:06+00:00July 2, 2021|

Tax Threat Looms Large Despite Bipartisan Deal

Last week’s on, off, and on-again bipartisan deal was confusing, but it did make clear President Biden’s intention to advance a more expansive partisan package regardless of the bipartisan bill’s fate.

Work on that expanded package has already begun. Senate Majority Leader Chuck Schumer kicked off the budget reconciliation process earlier in the month, and Budget Committee Chairman Bernie Sanders is now in the process of putting together a spending framework, reportedly in the $6 trillion range, with $3 trillion in offsets.

With moderate Democratic Senators Joe Manchin, Jon Tester and others voicing concern over the size of …

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admin2021-07-01T16:18:57+00:00July 1, 2021|