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S-CORP Clips | Week of December 12

A compilation of the business tax related stories that caught our eye

Hatch Tax Reform Report

For weeks, there had been K Street rumors of a “secret” tax reform plan being put together by in-coming Finance Committee Chairman Orrin Hatch (R-UT).  Apparently, the “Comprehensive Tax Reform for 2015 and Beyond” report released yesterday is it, although it’s not so much a plan as an analysis of the current code and the challenges policymakers will face in reforming it.  After a quick review, it’s obvious the Finance Republican staff spent an enormous amount of time and effort putting this together and it

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2014-12-12T16:22:29+00:00December 12, 2014|

Extenders in Play

Tax extenders have gone from the back bench to a starring role in recent weeks. The latest news is that the Ways and Means Committee will hold a markup next Tuesday where they will consider seven separate bills to make permanent certain extender items – including the built in gains tax relief provision and the basis adjustment for S corporation donations that were originally included in Chairman Camp’s tax reform discussion draft. According to our friends at Politico:

EXTENDERS BUZZ. Congress is back next week and the House Ways and Means Committee is kicking up its review of the

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2019-02-01T20:05:24+00:00April 25, 2014|

Business Groups United Against Payroll Tax Hike

In advance of next week’s vote to raise taxes on S corporations by $9 billion, a group of 38 business associations wrote Senate leadership strongly opposing the provision. Signed by S-Corp, the US Chamber, NFI and other leading groups, the letter details the numerous flaws in the provision. As reported in The Hill:

A coalition of business groups is pushing back against a Democratic proposal to pay for lower student loan rates with tax revenue. The U.S. Chamber of Commerce, along with roughly three dozen other groups, said ‘the plan could increase the payroll tax burden on business owners

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2019-02-01T20:21:28+00:00May 4, 2012|

The S-CORP Crystal Ball — Tax Writing-Committees in 2011

The Intrade Prediction Markets show Republicans have a 94 percent chance of taking the House today, but only a 42 percent chance of controlling the Senate. If Intrade is correct, what does that mean for the tax-writing committees?

House Ways and Means

Big changes in store here.Democrats maintain a 63 percent majority of the Committee (slightly better than their 59 percent majority in the House) -or 26 Democrats and 15 Republicans. If the House flips, we expect the committee ratios to flip as well, give or take a seat  – that means about 25 Republicans and 15 Democrats.

For Democrats,

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2019-02-04T15:47:03+00:00November 2, 2010|