capital gains tax - The S Corporation Association

More Details, Little Clarity on the Tax Front

Just to keep everybody up to speed, there are a couple recent tax items of note.

First, CongressDaily reports the House may take up yet another extender package prior to the Memorial Day recess. This package reportedly includes energy provisions as well as the expired extenders like R&E and the state and local sales tax deduction. An extension of the Alternative Minimum Tax “patch” does not appear to be under consideration.

Regarding the central issue of whether the revenue impact of the package will be offset by accompanying tax increases, Majority Leader Steny Hoyer …

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admin2019-02-06T18:06:09+00:00May 8, 2008|

Obama and S Corporations

The Texas and Ohio presidential primaries are dominating the news today, so we thought web d take a look at the candidatesb tax policies and see how they would affect S corporations.B B Web ll start with Illinois Senator Barack Obama.

So would an Obama presidency be good for S Corps?B Hereb s a quick summary of his positions and how they might affect Main Street.

Income Tax Rates:B Obama supports letting the top tax rates revert to their pre-2001 levels.B In other words, the top tax rate would rise from 35 back …

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admin2019-02-06T18:43:57+00:00March 4, 2008|

2008 Tax Forecast

While everyone else is predicting the presidential primaries, we thought we’d take a look at the forecast for tax policy in Congress this year.

The usual refrain for a presidential election year is that all the real policy issues are pushed aside in favor of posturing for the election and the following session of Congress.

While we expect to see lots of posturing, there are two reasons why some real tax work might get done this year, namely, the deteriorating economy and the expiration of the R&E tax credit and other tax extenders.

Nearly all of the Presidential candidates have put forward a …

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admin2019-02-06T18:43:58+00:00January 16, 2008|

Higher Tax Rates on Horizon

We’ve had numerous conversations in the past couple of weeks with S corporation owners about the tax outlook for the next couple of years, and it’s becoming apparent that the S-Corp community is underestimating the threat of higher tax rates on the horizon. With that in mind, here’s our best assessment of what to worry about, and when to worry about it.

First, in case you have not heard, all the major tax relief provisions enacted since 2001 will expire at the end of 2010 unless Congress acts to extend them. For S corporations, that means higher tax rates on your …

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admin2019-02-06T18:43:59+00:00November 7, 2007|

Treasury Holds Conference on Business Tax Issues

Treasury Secretary Hank Paulson will hold a one day conference on July 26th to focus attention on the US tax treatment of business income and how it might be improved. The conference will include a larger meeting in the Treasury Cash Room open to the press followed by at least two “break out” sessions for conference participants.

Why focus on corporate tax policy now? The Wall Street Journal, Bloomberg Markets, and other …

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admin2019-02-06T18:44:37+00:00July 13, 2007|