The Washington Wire - The S Corporation Association

Treasury Blesses SALT Parity Reform

Huge news out of Treasury yesterday – the Department has blessed our SALT Parity reforms. You can read the full Notice here. As Law360 reports:

BREAKING: Treasury To Say Pass-through SALT Workarounds OK

State and local taxes imposed at the entity level on pass-through entities are permitted as a deduction and this “is consistent with the longstanding position” of the U.S. Department of the Treasury and the Internal Revenue Service the agencies said Monday.

This announcement comes on the heels of the election results that have all but eliminated any remaining uncertainty about the value of …

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admin2020-11-13T15:23:55+00:00November 10, 2020|

Stop the Surprise Small-Business Tax Increase

An Op-ed by Christopher Smith, Executive Director of the Parity for Main Street Advisors coalition, ran this morning in the Morning Consult.

The Payroll Protection Program enacted this past spring has helped millions of employers and workers survive an economy that was in freefall from COVID-related closures. Now, with the recovery underway, those same small businesses will face a surprise $100 billion tax hike if Congress fails to act soon.

The PPP program’s design was simple – use local banks to provide loans to smaller employers during the shutdown. If the employers used the money to keep workers employed and on other …

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admin2020-09-29T14:12:21+00:00September 29, 2020|

Tax Outlook Under a Possible Democratic Sweep

On September 22^nd, S-Corp hosted a Zoom briefing entitled “Tax Outlook under a Possible Democratic Sweep” featuring George Callas, Managing Director, Government Affairs at Steptoe Johnson LLP, and Brian Reardon, President of the S Corporation Association. With the former Vice President continuing to lead in the polls and the elections less than two months out, taxpayers are taking a harder look at his policies and considering what might emerge from a Democratic-led Congress next year. The speakers cover the details of Biden tax plan, how they might affect taxpayers both foreign and domestic, and how that plan might evolve as …

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James Welfley2020-12-29T17:38:47+00:00September 23, 2020|

Priorities for Reopening Main Street

The Commerce Department last week revised its 2^nd Quarter GDP estimates showing the economy shrunk by nearly one-third. In a $22 trillion economy, that translates into nearly $2 trillion in lost wages, profits, retirement savings, etc.

The threat of this precipitous decline was the catalyst for the business community letter dated back on March 18^th. As Governors closed businesses and schools to slow the spread of COVID-19, one hundred and twenty national trade groups called on Congress to provide relief to families and employers that was on the same scale as the …

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admin2020-08-31T20:58:58+00:00August 31, 2020|

Avoiding a $100 Billion Tax Hike on Main Street

As the Administration negotiates with Congress over the next round of COVID-19 relief, here’s a simple way they can help Main Street businesses to the tune of $100 billion plus… just do what Congress intended.

That’s the message more than 170 business trades are sending to congressional leadership today. The letter, signed by the Farm Bureau, NFIB, AICPA, the National Restaurant Association, the National Retail Federation among others, makes clear that loan forgiveness under the Paycheck Protection Program should be tax-free as intended in the CARES Act. Here’s the text of the letter:

As Congress negotiates another round of …

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admin2020-08-04T15:36:30+00:00August 4, 2020|