Payroll Tax Update
Congressional taxwriters, especially in the House, continue to express interest in raising payroll taxes on active S corporation shareholders as an offset to the tax extender package under consideration, and the business community has responded.
Nineteen groups penned letters to Chairmen Levin of Ways and Means and Baucus of Senate Finance, highlighting their concerns with the proposal. As BNA reported:
Small business groups urged in an April 28 letter that House Ways and Means Committee Chairman Sander Levin (D-Mich.) …