The Washington Wire - The S Corporation Association

S-CORP’s Comments to the Senate Finance Committee

Today is the deadline for the so-called “clean slate” process in the Senate, and while S corporations and other pass-through business entities are (properly so) not tax expenditures, we thought it was important that the priorities of this community be made clear to tax writers as they begin drafting their reform plans over August.

With that in mind, today more than 70 (!) national business trade associations, including the American Farm Bureau, the National Federation of Independent Business, the National Restaurant Association, and the S Corporation Association, signed a letter reiterating the three tax reform priorities of the pass-through community:

First, …

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admin2019-02-01T20:08:24+00:00July 26, 2013|

Finance Committee ”Blank Slate” Letter

Yesterday, Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch ruined the July 4^th vacation plans of every tax lobbyist in town with they laid out their new “blank slate” approach to tax reform.

In a letter sent to fellow senators, the two announced that they would work under the assumption that all exclusions, deductions, and credits currently written in the tax code have been repealed, and that only the most defensible provisions would be put back in. Sens. Baucus and Hatch called on their colleagues to defend the tax breaks they see as important, and gave senators …

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admin2019-02-01T20:08:24+00:00June 28, 2013|

Pass-Through Reform Issues

A couple of recent publications have highlighted the negative consequences of “corporate-only” tax reform, including a paper put out by Grant Thornton last month that focused on the challenges faced by businesses structured as S corporations, partnerships and sole proprietorships.

The paper, entitled “Business Equivalency Rate: Fairness for Pass-through Businesses” gets right to the heart of the matter in the first couple paragraphs:

Grant Thornton supports tax reform aimed at lowering effective business rates in order to promote global competitiveness for U.S. businesses. Grant Thornton believes that competitive business tax rates are critical for spurring business investment and job creation. We …

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admin2019-02-01T20:08:24+00:00June 21, 2013|

S-CORP Testifies

S corporation tax policy took center stage on the Hill earlier this month.

Carrying the S-CORP flag before the House Ways and Means Select Revenue Subcommittee was Tom Nichols, the Chairman of S-CORP’s Board of Advisors. The hearing focused on pass through business taxation issues and, in particular, the merits and shortcomings of the “Pass Through Draft” that Chairman Camp released earlier this year.

From the beginning, Tom’s testimony hit the high notes of the advocacy we’ve been conducting for the past two years:

“Tax Reform needs to be …

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admin2019-02-01T20:08:24+00:00May 29, 2013|

More Support for S Corp Modernization!

More groups are coming out in support for the provisions contained in H.R. 892, the S Corporation Modernization Act of 2013, sponsored by S-Corp champions Representatives Reichert (R-WA) and Kind (D-WI).

As you recall, S Corporation Modernization made up a significant part of Option One of the Ways & Means Pass-Through Discussion Draft. Now, a group of 19 business groups, including the National Federation of Independent Business, the National Restaurant Association, the National Roofing Contractors, the Printing Industries of America, and the S Corporation Association sent a letter to Congress expressing their strong support for the modernization of outdated S …

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admin2019-02-01T20:08:24+00:00April 17, 2013|