capital gains tax - The S Corporation Association

Small Business Tax Package Signed Into Law

Congress returns this week following its Memorial Day recess. As expected, the Small Business tax package was signed into law along with the Iraqi War funding just before they left. This package included a number of S corporation reforms that we have been working on for years, and represents a significant improvement to the rules governing how S corporations operate.

Key reforms included relief from the dreaded “sting tax” as well as allowing trusts that hold S corporation stock to deduct their interest expenses, something other trusts have long been allowed to do. And while we did not get everything we …

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Tax Bill Action Moves to the Senate

Following late Friday night and early Saturday morning votes in the House on the Pension Protection Act of 2006 and the Estate Tax and Extension of Tax Relief Act of 2006, attention now turns to the Senate and whether the Senate will be able to pass these measures. Senate Majority Leader Bill Frist (R-TN) intends to bring up the package including the estate tax, extension of expiring tax provisions like the Research and Experiment tax credit, and the minimum wage increase first, with the pension bill to follow. He’ll need 60 votes for either package to clear the Senate. As …

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