budget - The S Corporation Association

Mark to Market for Dead People

The President’s budget is out and, as we have in the past, we will start with a disclaimer. Congress requires the President to issue a budget every year, and every year the President (regardless of party) complies with a ridiculously long and labored set of phone book-like documents outlining the budget. And every year Congress yawns and says it’s dead on arrival. So take our commentary below with a grain of salt, as most of the provisions in this budget are going nowhere, fast.

That said, the budget includes a couple tax proposals that caught the attention of our members, …

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admin2019-02-01T20:00:11+00:00February 2, 2015|

S-Corp Payroll Tax Hike Re-Emerges

Both the Camp discussion draft and the President’s budget include provisions to expand the application of payroll taxes to S corporation income.

The White House proposal is an expanded version of efforts that failed in the Senate in 2010 and 2012, where 100 percent of income from a professional services businesses – law, accounting, consulting, etc. – organized as an S corporation, general or limited partnership, or an LLC taxed as a partnership, would be subject to SECA taxes.

The Camp provision, on the other hand, is a whole new approach that is dramatically broader than anything considered to date. …

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admin2019-02-01T20:05:24+00:00March 6, 2014|

S-CORP on the Air

February 21, 2014

Earlier this week, S-Corp Executive Director Brian Reardon took to the airwaves to talk all things S-Corp with radio host Mark Kohler.

Kohler hosts a weekly program devoted to tax issues that are important to individuals and businesses. This Tuesday, Mark spent his entire show focusing on S corporations. Brian carried the S-Corp flag and was the featured guest.

The interview is definitely worth a listen. You can download it by clicking below:

S Corporation News Clips

Camp Draft Imminent

The long-awaited Camp tax reform plan is expected next week and the press is bulging …

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admin2019-02-01T20:05:24+00:00February 24, 2014|

Budget & Tax Policy Outlook

The agreement earlier this month between Senators Reid and McConnell reopened the government for a few months, but it failed to resolve any of the issues that precipitated the shutdown in the first place.B Thereb s still no consensus on spending levels or tax policy beyond the end of the year.B Key dates in the agreement are:

December 13^th — Target for budget conferees to agree to a uniform budget
January 15^th — Current government funding resolution (CR) expires
February 7^th — Debt limit reached again

At this point, agreeing to a budget resolution would be a big deal.B Not only could …

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admin2019-02-01T20:19:44+00:00October 31, 2013|

Anti-Tax Reform in the President’s Budget

The President’s budget is out, and for the second year in a row it seeks to redefine tax reform to fit its own purposes.

The vast majority of policymakers view tax reform as embracing two fundamental goals:

Increased simplicity for both taxpayers and the IRS; and
Lower marginal tax rates imposed on a broader base of income.

The President’s budget , however, would take us in exactly the opposite direction. Rather than simplify the tax code, it would make it more complicated, and rather than move towards lower rates and a broader base of income, it would selectively lower and/or raise rates based …

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admin2019-02-01T20:08:24+00:00April 11, 2013|