energy tax - The S Corporation Association

Stimulus Introduced in House

The House Leadership released an outline of its proposed stimulus package yesterday with few surprises. The total package is $825 billion with $550 billion in new spending and $275 billion in tax relief. On the spending side, the package includes $550 billion in spending, and $275 billion for tax cuts. Some of the tax highlights include:

Making Work Pay Credit – offsets payroll taxes on the first $8,100 of earnings
Expanded Earned Income Tax Credit
Bonus depreciation
A five year carry-back of net operating losses (excluding companies receiving TARP benefits, Fannie Mae, Freddie Mac)
Extension of increased small business expensing
Tax-exempt bond provisions to help state …

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

Senate Passes AMT

The United States Senate last evening passed a one-year extension of the so-called AMT patch – a higher AMT exemption to protect 20 million or so taxpayers from being subjected to the AMT on April 15^th. This bill did not include any offsets and it did not include any additional extenders, either.

Senate Republicans, as well as some Democrats – including Finance Committee Chairman Max Baucus – have observed that, since much of the revenue collected by the AMT is accidental and was not intended by Congress, it is nonsensical to insist that protecting taxpayers from the tax should be offset …

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admin2019-02-06T18:43:58+00:00December 7, 2007|

Treasury Conference on Corporate Tax Policy

Your S-Corp Association friends attended the Treasury conference on corporate tax policy last week, rubbing shoulders with the Secretary of the Treasury, Alan Greenspan, and others. As expected, the bulk of the speakers focused on tax issues of most concern to Fortune 500 companies – the corporate rate, the treatment of foreign earnings, etc. There’s growing concern that our corporate tax rate is out of whack with the rest of the developed world and this forum served to highlight the benefits of a corporate tax rate cut.

One of the invited speakers, however, S-Corp ally John Satagaj from the Small Business …

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admin2019-02-06T18:44:37+00:00August 1, 2007|

Lessons from the Failed Senate Energy Tax Package

As reported in the press, last week the Senate failed to add a sizable energy tax package to its comprehensive energy bill prior to adoption.

The Senate voted 57-36 not to end debate (60 votes are needed) on the tax package that was offered as an amendment to the broader energy bill. This vote fell short despite the fact the Finance Committee reported the package out by a bipartisan vote of 15-5 vote just a few days earlier.

While the package itself has little directly affecting S corporations, there are a couple lessons to draw from the challenge Senate leadership is having …

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admin2019-02-06T18:44:37+00:00June 29, 2007|

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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admin2019-02-06T18:44:38+00:00June 5, 2007|