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Stimulating S Corporations

S Corporation Association Chairman Richard Roderick weighed in on behalf of S corporations yesterday regarding the second stimulus package being developed in the House. In a letter to Small Business Committee Chairwoman Nydia VelC!zquez, Roderick argued that any bill moving through Congress should include assistance to S Corporations.

In particular, the letter advocates for relief from the built in gains tax (BIG) that forces so many S corporations to sit on appreciated assets that could be put to better use. As the letter states:

“According to government statistics, hundreds of thousands of S corporations …

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2019-02-06T18:06:09+00:00May 2, 2008|

Stimulus Deal Announced

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would reduce revenues by about $150 billion over ten years. The major provisions are:

  • Rebate checks (tied to a temporary cut in the 10% tax bracket) to families – $600 for singles making less than $75,000 and $1,200 for couples earning less than $150,000.
  • Fifty percent bonus depreciation for business investment through the end of 2008.
  • An increase in small business expensing (section 179) from $125,000 to $250,000.
2019-02-06T18:43:58+00:00January 25, 2008|

Stimulus Deal Announced

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would reduce revenues by about $150 billion over ten years. The major provisions are:

  • Rebate checks (tied to a temporary cut in the 10% tax bracket) to families – $600 for singles making less than $75,000 and $1,200 for couples earning less than $150,000.
  • Fifty percent bonus depreciation for business investment through the end of 2008.
  • An increase in small business expensing (section 179) from $125,000 to $250,000.
2019-02-06T18:46:06+00:00January 25, 2007|

Finance Holds Small Business Tax Relief Hearing — S CORP Submits Testimony

Today, the Chairman of the S Corporation Association Advisory Committee, James Redpath, submitted testimony on S Corp reform to the Senate Committee on Finance. The Senate Finance Committee held the hearing on small business tax relief as part of its preparation for Senate consideration of the minimum wage increase. As Jim pointed out in his testimony:

I am concerned that many of the companies that will bear the impact of this increase in labor costs are closely-held or family-owned businesses structured as Subchapter S corporations. My goal is to provide you with …

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2019-02-06T18:46:06+00:00January 10, 2007|

S-CORP Victory in Senate Tax Bill; S Corporation Reform Legislation Introduced in the House!

November has been an active and exciting month for the S Corporation Association and we have much to be thankful for:

  • TWO S corporation modernization provisions approved by the Senate as part of a larger tax package
  • Efforts to oppose increased payroll taxes on S corporations continue to be successful
  • Congressman Clay Shaw along with Congressman Jim Ramstad introduce S corporation reform legislation in the House
  • Joint Committee on Taxation estimates revenue loss on built-in gains tax relief legislation

Before adjourning for a three-week recess, the Senate approved its reconciliation tax package that includes two provisions from the Subchapter S modernization and reform bill that …

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2019-02-06T18:48:18+00:00November 29, 2005|
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