house - The S Corporation Association

Cliff Notes

House leadership has made clear they will take up legislation to extend the current tax rates and other policies through 2013, combined with expedited procedures for tax reform to be enacted in 2013.

This one-two punch is designed to address two challenges facing policymakers today. The first is the tax component of the “fiscal cliff” we face at the end of the year. The pending expiration of the lower rates on wages, business income, and investment income is having a tangible, negative impact on investment and job creation right now and, left unchecked, threatens to push the economy back into recession. …

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admin2019-02-01T20:21:27+00:00June 19, 2012|

Game On!

This morning, Ways and Means Committee Chairman Dave Camp announced that the House would act this fall, prior to the November elections, to extend current tax rates while outlining a process whereby the Committee would consider broad, comprehensive reforms to the tax code in 2013. This is obviously very welcome news to S-Corps and other job creators! Here’s what he had to say:

I can firmly say our goal is: One, block massive, job-killing tax increases; and, two, enact - not just pass - comprehensive tax reform. And, there is strong support to use the expiration of the 2010 compromise …

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admin2019-02-01T20:21:27+00:00May 17, 2012|

The Ryan Budget & Taxes

The budget introduced in the House today calls for a couple broad items on the tax front. First, it calls for extending all the tax provisions set to expire January 1^st. That’s the rate cliff we’ve been warning S corporations about for the past couple months. Marty Feldstein made the case clearly this week in the Financial Times as to why Congress needs to act:

But the most important cloud on the horizon is the large tax increase that will occur next year unless legislation is passed to block it. The Congressional Budget Office predicts that, under current law, the …

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admin2019-02-01T20:21:28+00:00March 21, 2012|

New Year, Similar Outlook

It’s a new year but the outlook for tax policy remains remarkably unchanged. The list of possible to-do items Congress might take on this year is pretty much the same and includes:

Extension of the Payroll Tax Holiday;
Extension of the Tax Extenders package that expired at the end of last year;
Extension of the 2001 and 2003 tax cuts that expire at the end of 2012; and
Tax reform.

You might view this list chronologically. If Congress were to take up each of these separately, the Payroll Tax Holiday is sure to be first, whereas any tax reform effort, while highly unlikely, is sure …

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admin2019-02-01T20:24:43+00:00January 23, 2012|

The President and Cantor on Taxes

The Hill was all atwitter last evening with rumors that some sort of deal had been reached over raising the debt ceiling and the deficit reduction package that needs to accompany that legislation.

In moments like these, the question we ask is: A deal between whom? Certainly not the President and House Republicans, which is the ”deal” that matters most at this moment. Nonetheless, the news yesterday gives us some additional insight into where negotiations stand.

The three moving parts behind the rumor were: 1) the pending meeting today between the President and Hill leadership; 2) the President’s concession that both Social …

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admin2019-02-01T20:48:05+00:00July 7, 2011|