aca - The S Corporation Association

More on the Administration’s Budget

We weren’t the only ones who noticed the President’s budget for 2017 is bad for Main Street Employers. Numerous outlets ran stories (CQ, Bloomberg, and Morningstar) focusing on the negative impact the President’s tax proposals would have on S corporations and other pass-through businesses. As our friends from NFIB noted about the Administration’s proposal to expand the Net Investment Income Tax (NIIT) to all pass-through business owners:

“It’s not closing any gap,” said Nick Karellas, tax counsel at the National Federation of Independent Business. “It’s just blatantly a revenue grab on small-business owners who are actively participating in …

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admin2019-02-01T19:56:25+00:00February 19, 2016|

BIG Tax Relief on House Floor

It’s a big week for S corporations! The House is scheduled to vote on several small business tax items, including permanently higher section 179 expensing limits and S corporation modernization legislation too!

The S corporation bill, newly-named the S Corporation Permanent Tax Relief Act of 2014, will bundle together HR 4453 (permanent 5-year BIG period) and HR 4454 (basis adjustment for charitable contributions). We expect the bill to be considered by the Rules Committee later today with debate and a vote on the bill to take place Thursday.

Making the five-year recognition period for built in gains permanent has been an S-CORP …

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admin2019-02-01T20:05:23+00:00June 10, 2014|

The Supremes and S Corps

The Supreme Court upheld the constitutionality of the individual mandate today. For health care agencies, providers, insurance companies, and states that means they have 18 months to rework their entire health care system, including creating the network of state-based exchanges where people will buy health insurance starting in 2014. It’s time for them to get busy.

For S corporation shareholders and other taxpayers, it means higher taxes starting in 2013. Specifically, the ruling preserves the new, 3.8 percent tax on investment income that will take effect next year. Coupled with the expiration of rates, the new top rates are:

…

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admin2019-02-01T20:18:52+00:00June 28, 2012|