The Washington Wire - The S Corporation Association

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

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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|

S-CORP Allies Trumpet 199A

It’s been a busy month on the 199A front, thanks partially to our latest study showing the large amount of economic activity supported by the provision and the importance of making it permanent. (See here, here, and here for more on that.) Before the month wraps, we wanted to highlight a trio of additional 199A news items that caught our attention.

The first is Fox Business’ coverage of a press conference hosted by NFIB during their congressional fly-in this week. As correspondent Hillary Vaughn reported, NFIB members were in town to talk about the importance of making …

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admin2024-09-25T20:20:53+00:00September 25, 2024|

S-CORP Submits Excess Loss Comments

As part of the on-going Tax Team process in the House, the S Corporation Association today submitted comments focused on the Section 461(l) Excess Loss Limitation provision created by the Tax Cuts and Jobs Act (TCJA). This provision targeted pass-through businesses solely and has been the subject of much controversy, most particularly due to the wildly inaccurate scoring that accompanied the provision’s consideration by Congress.

S-Corp has been critical of Section 461(l) from its inception, both as a response to its lack of a solid policy justification – what problem was it trying to solve? — and to …

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admin2024-09-24T17:15:38+00:00September 24, 2024|