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Home/Tag: corporate-only reform

Senate Finance Working Groups Release Reports

The Senate Finance Working Groups reports are done and publicly available!  Many congrats to the Committee members and their staff for continuing the progress on tax reform.  You can check out the reports here.  The Business Income Tax report drafted by Sens. John Thune (R-SD) and Ben Cardin (D-MD) is the one of most interest to us.  We have to admit, the first few pages were bit a disappointing, as the introduction could lend the impression that pass through taxation (multiple business entities) is somehow a bad thing.

Our tax system also promotes inefficiency by incentivizing businesses to make decisions …

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2019-02-01T19:59:05+00:00July 10, 2015|

S Corp News Clips

More on Tax Reform

We’ve previously commented on Chairman Paul Ryan’s desire to do as much as he can this Congress to lay the groundwork for comprehensive tax reform in 2017. Now, in the Wall Street Journal, he gives us a better sense of what that groundwork looks like.

“There’s a big difference between our view and the president’s view. He believes we should have higher tax rates on individuals. We think they should be lower. And when eight out of 10 businesses in America are what we call pass-throughs, LLCs, sole proprietors, sub S corporations, their top effective tax right …

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2019-02-01T19:59:05+00:00June 26, 2015|

S Corp News Clips

Family Business Valuation under Attack?

In a development that could harm valuations of S corporations and other family-owned businesses, the Treasury Department appears poised to issue guidance limiting discounts under section 2704. Such action has been hinted at for a while, but people began to pay real attention following comments from Catherine Hughes, head of Estate and Gift Tax Attorney-Advisor at Treasury, before the ABA’s Estate Planning breakfast back in April.

It’s not exactly clear what the Treasury has in mind, but Hughes referred the ABA audience to proposals the Administration included in their annual budget offerings prior to 2014.  We …

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2019-02-01T19:59:05+00:00June 12, 2015|

S-CORP Study Link

S-CORP’s April 13th release of a key study on the role of S corporations in the U.S. economy has been receiving lots of media attention. The study, authored by Drs. Robert Carroll and Gerald Prante, both of Ernst & Young LLP, documents the impact of flow-through businesses on private sector jobs and economic activity in the United States. The report also examines how the flow-through business sector could be affected by potential reform of the corporate income tax. Below is a link to the full report.

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S-CORP STUDY

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“The Flow-Through Business Sector and Tax Reform: …

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2015-01-12T21:39:02+00:00April 13, 2011|

More on Pass-Throughs and Corporate Reform

Last week, the Ways and Means Select Revenue Subcommittee held a hearing that sought to counter the momentum building within the Administration and in the press to tax pass-through businesses to pay for corporate-only tax reform.

Robert Carroll of Ernst and Young was one of the witnesses. As you’ll recall, S-CORP has asked Carroll to author a study on the economic importance of pass-through businesses and what impact corporate-only reform might have on them. His testimony last week touched on those themes and provided us with a nice preview of the study to come - including the news that pass-through firms …

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2019-02-01T20:48:06+00:00March 8, 2011|
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