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Business Community Comes Out in Support of S Corp Reforms…

A broad coalition of business groups came out in support of S corporation reforms today, writing to House of Representatives in support of HR 4453, the S Corporation Permanent Relief Act of 2014.  The House is expected to vote on this measure tomorrow.

As Wire readers know, making permanent the five year recognition period for built-in gains has been a priority of the S Corporation Association for years, and while we’ve been successful in reducing the recognition period on a temporary basis, this is the first time either the House or the Senate has considered a permanent fix.  Given the

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2019-02-01T20:05:23+00:00June 11, 2014|

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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2019-02-01T20:05:23+00:00June 10, 2014|

S-CORP Opposes Senate Sequestration Bill

The Senate is voting today on legislation to swap the sequester spending cuts with a package evenly divided between other spending cuts and targeted tax hikes.

The core tax hike in this package is our old friend - the Buffett Tax. We’ve previously pointed out the serious flaws in both the premise and the execution of the Buffett Tax. The provision contained in S. 388 suffers from all these flaws.

How would it work?

In this case, the bill would impose a new, minimum tax of 30 percent on taxpayers earning $5 million or more. The minimum tax would begin to phase-in once

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2019-02-01T20:08:25+00:00February 28, 2013|

Pass-Through Coalition Weighs In on Fiscal Cliff

The S Corporation Association joined with more than 40 other organizations in a letter to Congressional leadership calling for action on to pursue comprehensive tax reform that lowers rates on all forms of business income while also addressing entitlement spending. States the letter:

[W]e call on Congress to avoid raising marginal tax rates on employers, either as part of negotiations over the fiscal cliff, or as part of larger effort to reform the tax code. Instead, Congress should seek to enact comprehensive tax reform that simplifies the tax code and encourages economic growth for both pass-through businesses and corporations.

[W]e are

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2019-02-01T20:12:11+00:00November 28, 2012|

President’s Budget and S Corps

The President’s budget came out today, and despite the fact that it and the many proposals it contains are unlikely to move through Congress, there are a number of items of specific concern to S corporations that are worth a look. You can find the overall budget documents at the OMB website. For S corporations, the items that jump out at us include:

  1. Expiration of current rates for higher income taxpayers.
  2. Imposition of a new “Buffett Tax” on taxpayers earning more than $1 million.
  3. Principles for tax reform.

We’ll get to these items, but first, a note about baselines. One possible area of

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2019-02-01T20:21:28+00:00February 13, 2012|