LIFO - The S Corporation Association

Second Stimulus on the Horizon

A second stimulus package is being formulated up on the Hill, but is by no means a done deal at this point.B Just before adjourning for the election, the House passed a $61 billion bill containing infrastructure spending, aid to state governments and increased unemployment benefits, which will likely serve as a starting point for second stimulus discussion.B That package included:

$30 billion for infrastructure projects including highways, bridges, transit and water projects;
$1 billion for public housing;
$2.6 billion for food stamp program;
A temporary increase in Federal Medicaid assistance to states; and
An extension in unemployment …

(Read More)

admin2019-02-06T17:22:36+00:00November 10, 2008|

Happy 50th, S Corps!

Today marks the 50^th birthday of the S corporation! As you can imagine, here at the S Corporation Association we’ve got the cake and candles ready.

Perhaps more importantly, at a time of economic and political uncertainty, the story of the S corporation and its role in making the American economy more diverse and flexible is worth reviewing.

The S corporation was born at a time when the economy was slowing, Americans were losing their jobs, and an unpopular Republican President was being accused of practicing “trickle-down economics” by a Democratic Congress.

President Eisenhower embraced the S corporation — originally an idea proposed …

(Read More)

admin2019-02-06T18:06:07+00:00September 2, 2008|

Small Business Week 2008

Washington loves small businesses, at least in its rhetoric.B April 20-26^th was Small Business Week.B The annual event is devoted to recognizing the “determination and ingenuity of America’s workers and entrepreneurs who play a vital role in building a more prosperous future for our country.”

Since 1963, every President has declared National Small Business Week to formally recognize the important role of small businesses in America.

In a discussion with small business owners, President Bush argued that “every day ought to be Small Business Day in America” and that government’s role should be “to create an …

(Read More)

admin2019-02-06T18:06:09+00:00April 30, 2008|

Senator Clinton’s Tax Policies – Bad for S Corporations

Recently, we reviewed Senator Obama’s tax policies and how they might impact S corporations should he become President. What about Senator Clinton? If she becomes President, how would her tax policies impact small and closely-held businesses?

In general, Senator Clinton has opposed the rate relief and other tax reductions enacted over the past eight years. As she told one audience:

I want to restore the tax rates we had in the ’90s. That means raising taxes on corporations and wealthy individuals. I want to keep the middle-class tax cuts, and I want to start making changes that will save us money, save …

(Read More)

admin2019-02-06T18:43:57+00:00March 31, 2008|

Budget Debate and Taxes

Everyone in Washington knows Congress will have to address the growth of the Alternative Minimum Tax (AMT) and the expiration of popular tax provisions over the next three years. Just how they will go about it, however, is very much up in the air.

Both the House and the Senate are considering their respective budgets this week. Lots goes into a federal budget, as you can imagine, but nothing is more important for S corporations than how this budget will address the AMT and expiring tax provisions.

On this question, the House and Senate are moving in opposite directions. The House wants …

(Read More)

admin2019-02-06T18:43:57+00:00March 11, 2008|