Home/Tag: passive income

Estate Tax Update

Where to start? The August break is nearly over and Congress is scheduled to return after Labor Day with a full agenda that includes finishing (or finishing off) health care reform, wrapping up all the spending bills, increasing the debt ceiling, doing something on the energy front, and adopting a package extending expiring tax provisions, including a possible estate tax compromise.

Earlier this month, Martin Vaughan of the AP had a nice piece outlining the current state of play on the estate tax. While the House is poised

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2019-02-06T17:21:56+00:00August 31, 2009|

Finance Reports Out Small Business Tax Relief

In a bit of potential good news for small businesses, the Senate Finance Committee today adopted by voice vote an $8 billion package of small business tax incentives to accompany a planned increase in the minimum wage. Included in the package is a one year extension of the current Section 179 small business expensing limits, an extension of the Work Opportunity Tax Credit through 2012, and an extension of the shorter, 15-year depreciation lives for certain owner-occupied buildings. For S Corps, the package includes an entire title of big and small

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2019-02-06T18:46:06+00:00January 17, 2007|

S-CORP and Congressional Small Business Advocates Continue Push for b�Sting Taxb� Relief

Congress has returned from a weeklong recess and once again will attempt to finish last year’s tax business: a $70 billion tax cut bill (the “reconciliation” bill) and a pension reform bill. The S Corporation Association (“S-CORP”) continues to work with congressional tax-writers to include a Senate-passed provision to provide “sting tax” relief for S corporations subject to double taxation at the highest corporate rate in the tax reconciliation bill. S-CORP salutes Senator Blanche Lincoln (D-AR) for leading a bicameral and bipartisan letter that was sent last night to the House and Senate conferees.

The letter urges House and Senate conferees

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2019-02-06T18:47:20+00:00March 28, 2006|

S-CORP Victory in Senate Tax Bill; S Corporation Reform Legislation Introduced in the House!

November has been an active and exciting month for the S Corporation Association and we have much to be thankful for:

  • TWO S corporation modernization provisions approved by the Senate as part of a larger tax package
  • Efforts to oppose increased payroll taxes on S corporations continue to be successful
  • Congressman Clay Shaw along with Congressman Jim Ramstad introduce S corporation reform legislation in the House
  • Joint Committee on Taxation estimates revenue loss on built-in gains tax relief legislation

Before adjourning for a three-week recess, the Senate approved its reconciliation tax package that includes two provisions from the Subchapter S modernization and reform bill that

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2019-02-06T18:48:18+00:00November 29, 2005|



Yesterday’s “The Hill” takes a look at the two challenges facing the S Corp community today- by modernizing S Corp rules to ensure S Corporations continue to thrive, and blocking misguided proposals to apply payroll taxes to all S Corporation income, regardless if that income is due to capital investment or even distributed to shareholders. Full article is attached below.


Wednesday saw another story in the Wall Street Journal on the IRS’s plan to conduct special audits of 5,000 S Corps over the next

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2019-02-06T18:48:18+00:00July 29, 2005|