continuing resolution - The S Corporation Association

Big Picture on Pass-Through Taxation

Our expectation for 2013 is continued guerrilla warfare on specific tax hike proposals coupled with the looming threat of larger tax hikes when Congress next addresses the debt limit. Add in the determination of both tax-writing committee chairmen to pursue comprehensive reform, and you have a good understanding of how we’re going to spend our time over the next year:

Working with the tax committees to make their tax reform proposals as business friendly as possible;
Fighting the Administration’s efforts to turn tax reform into another opportunity to raise taxes on Main Street Employers; and
Fighting specific proposals to unfairly target S corporations …

(Read More)

admin2019-02-01T20:11:35+00:00February 14, 2013|

Tax Outlook

The conventional wisdom in the press is that the agreement on the fiscal cliff killed tax reform. By making permanent so many tax policies — including the AMT treatment and estate tax rules — the deal deprived policymakers of catalysts for doing something big on taxes later this year.

That view may prove correct, but there remain several good reasons to believe taxes will be a big part of the policy conversation moving forward, including:

Debt Limit: The debt limit fight hasn’t been avoided, just delayed. Congress will need to raise the limit prior to the August break, setting up a redo …

(Read More)

admin2019-02-01T20:11:41+00:00February 5, 2013|

President’s Budget Proposal Released Today

We don’t usually involve ourselves in spending debates but the President’s budget proposal came out this morning and, given the sea of red ink ahead, we thought a quick overview of the budget process and challenges ahead might be in order.

The President’s budget would reduce the deficit by $1.1 trillion over the next decade b- two-thirds from spending cuts and one-third from tax increases. The proposed budget would trim or terminate 200 federal programs within the next year, reduce Pentagon spending by $78 billion, freeze non-security discretionary spending for 5 years, and increase spending in education, transportation and energy and …

(Read More)

admin2019-02-01T20:48:06+00:00February 14, 2011|

Rate Debate Continues

Happy Thanksgiving to everyone. Here’s a quick update on the tax outlook.

Congress returned last week, but didn’t make much progress. The big news was the cancellation of the bipartisan leadership meeting at the White House on the 18^th; that meeting is now scheduled for November 30^th. Politico has a really good write-up on what happened, but what was the impact on the tax debate?

In our view, mostly timing. Nobody expected the get-together to result in a deal, but we did expect it to jump start discussions, with the possibility of some sort of agreement worked out by the time …

(Read More)

admin2019-02-04T15:47:03+00:00November 22, 2010|

Lame Duck and Tax Policies

Congress is set to return for its lame duck session the week after next. With Thanksgiving in the middle and Christmas at the end, Congress has maybe three weeks to fund the government and figure out what to do with tax policy.

Before the election, we believed two outcomes were possible on extending the tax rates: either Congress adopts a one-year extension of everything (with some middle ground for the estate tax), or Congress does nothing and the new Republican House takes the issue up first thing in January.

The President’s original preference of extending only the middle-class tax relief does not …

(Read More)

admin2019-02-04T15:47:03+00:00November 3, 2010|