The Washington Wire - The S Corporation Association

FinCEN Releases CTA Relief Rule

More good news on the battle over privacy. Treasury’s Financial Crimes Enforcement Network on Friday released the following statement:

[T]he Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the …

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admin2025-03-24T17:37:03+00:00March 24, 2025|

Congressman Yakym Hosts 199A Roundtable

Members of the Main Street Employers Coalition convened in South Bend, Indiana, today for a roundtable discussion with Congressman Rudy Yakym, who represents the state’s Second District and sits on the tax-writing Ways & Means Committee. The sole focus of the event was the Section 199A deduction, a provision that is central to tens of millions of Main Street businesses organized as pass-throughs.

Photo Credit: James Payne, NECA

The roundtable took place at the offices of electrical services provider Koontz-Wagner, a more than 100-year-old firm that is also a member …

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admin2025-03-21T20:17:46+00:00March 21, 2025|

Privacy Fight in Australia, Courts Continues

The actions by the new Administration last week to curtail reporting under the Corporate Transparency Act were a huge victory for millions of Main Street businesses, but they were by no means the final word on the subject. To ultimately kill this ill-conceived statute, we need help from Congress or the Courts. On that front, here’s three key events in the last two weeks worth highlighting.

First, any legislative effort to repeal the CTA will have to go through the Senate and get the support of at least 60 lawmakers. Last week’s letter from Senators Sheldon Whitehouse (D-RI) and …

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admin2025-03-13T18:37:26+00:00March 13, 2025|

Main Street 199A Resources

Latest update on all the studies, data, and other information S-Corp has compiled in support of the 199A deduction – including the new CRS METR estimates we posted on Monday. The materials below span more than a decade of work and highlight the central role the pass-through sector plays in the American economy, and the importance of the Section 199A deduction to these businesses.

Rate Analysis Tells the Full Story

The Congressional Research Service is out with a new study that demonstrates precisely why Section 199A permanence needs to be part of the 2025 tax package. The chart below explains why:

…

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admin2025-04-08T20:22:12+00:00March 12, 2025|

CRS on Marginal Rates

As Congress puts together the big tax bill, CRS just produced another reminder of why making the Section 199A pass-through deduction permanent needs to be part of the package. This chart says it all:

The rates reflected here are important because they measure the overall tax burden imposed on new investment. As CRS notes: “The marginal effective tax rate (METR) is a forward-looking measure that estimates… the share of the rate of return on a prospective investment that is paid in taxes over the life of that investment.”

So under current law, …

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admin2025-03-10T20:22:20+00:00March 10, 2025|