estate tax - The S Corporation Association

So Little Time, So Many Tax Bills

Congress has about six weeks left of session before it leaves for the mid-term elections and a very full list of unfinished items on the agenda. Just on the tax front, there is possible action on:

changes to the estate tax rules
reform of our pension system
extension of expiring tax provisions like the R&E tax credit
a potential energy tax package
and a possible increase in the minimum wage bill combined with small business tax provisions.

While we would never close the door on full consideration of each of these items, the closer we get to the election and a very probable lame-duck session of …

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Ways and Means Committee Chairman Introduces Estate Tax Relief

House Ways and Means Committee Chairman Bill Thomas (R-CA) has introduced legislation that would permanently extend lower taxes on estates. As S-CORP members may know, estate tax relief has been a top priority of the small business community and has particular importance for family-owned businesses.

The Thomas bill is intended to restart the debate on the so-called “death tax” after the Senate failed on a procedural vote to take up legislation (H.R. 8 ) to permanently repeal the estate tax. Senate Majority Leader Bill Frist (R-TN) has declared his intention to send the President a permanent estate tax relief bill before …

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