estate tax - The S Corporation Association

Welcome to 2010!

Dear S-CORP Member:

As we begin a new year and gear-up for all the hopes and challenges that 2010 will bring, I wanted to take a moment to thank you for your support and highlight the efforts and priorities of your S-CORP team.

2009 started off with a bang when we successfully secured temporary relief from the built-in gains (BIG) tax as part of the economic stimulus package adopted in February. With the enactment of that bill, firms that converted to S corporation status or existing S corporations that acquired …

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admin2019-02-06T17:21:55+00:00January 13, 2010|

Items Remaining on the Congressional “To-Do” List

Friends of ours who follow Congress have begun quoting the old country and western song, “How Can I Miss You If You Won’t Go Away?” With Christmas less than two weeks away, Members of Congress would like to leave soon, but a long list of to-do items still stands in the way:

Health Care Reform: Majority Leader Reid is still pressing to get the Senate bill finished before Congress leaves for the New Year. He still might make it, but the odds against him are climbing rapidly.
Government Funding: Congress passed a batch of …

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admin2019-02-06T17:21:55+00:00December 15, 2009|

Business Community Supports Estate Tax Relief

Last week, the S Corporation Association joined a group of nearly 50 small business organizations to support estate tax legislation (H.R. 3905) to make permanent rates and exclusion levels more favorable than those in place in 2009. In a letter to family business allies on the Ways and Means Committee, the Family Business Estate Tax Coalition stated:

The cost of the estate tax falls heavily on family businesses and farms. The cost comes not only from paying the …

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admin2019-02-06T17:21:55+00:00November 13, 2009|

S-Corp Organizes Defense of Family Business

Led by S-CORP, a coalition of fifteen small business trade associations sent letters last week to the Senate Finance and House Ways and Means Committees urging policymakers to protect the interests of family-owned businesses during the upcoming estate tax debate.

“Penalizing businesses simply because they are family-owned is inconsistent with good tax policy, it creates an unworkable framework with two conflicting definitions of fair market value, it makes it more difficult for these family businesses to be passed on from one generation to the next, and should be rejected by Congress,” the …

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admin2019-02-06T17:21:55+00:00November 2, 2009|

Update on Estate Tax

We’ve been visiting Capitol Hill offices over the past couple weeks to talk about the estate tax and its impact on family businesses and now have a clearer idea of where the issue is headed. Here’s our latest intelligence.

As Ways and Means Committee Chairman Charles Rangel (D-NY) announced the other day, he intends to move separate legislation next week making permanent the 2009 estate tax rules, including an exemption amount of $3.5 million per spouse and top tax rate of 45 percent. Having the House move a permanent fix to the estate …

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admin2019-02-06T17:21:55+00:00October 27, 2009|