payroll tax - The S Corporation Association

Volcker Report Released. On a Friday. In August.

The headline says it all. The long-awaited Volcker Tax Reform Commission report was released last Friday and was immediately put on a shelf someplace in the basement of the Ways and Means Committee. According to the Commission members:

The Board was asked to consider various options for achieving these goals but was asked to exclude options that would raise taxes for families with incomes less than $250,000 a year. We interpreted this mandate not to mean that every option we considered must avoid a tax increase on such families, but rather that the options taken together should be revenue neutral …

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admin2019-02-04T15:47:04+00:00September 1, 2010|

Small Business & Extender Tax Bill Update

If you watched the Senate floor yesterday, you might be under the impression that nothing was happening. The Senate spent most of the day in a Quorum Call (Senate code for nothing happening), and when a member did take the floor, often it was to speak about something other than small business taxes.

Ah, but still waters run deep, don’t they. Behind the scenes, two efforts were taking place. First, Leaders Reid and McConnell were continuing their back-and-forth over whether Reid would allow any amendments to the underlying small business tax bill and, if he did, what those amendments would be. …

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admin2019-02-04T15:47:04+00:00July 29, 2010|

Baucus III

The tax community is still waiting for the third version of the Baucus substitute to be released. A “trial balloon” draft circulated yesterday made certain changes, but failed to address many of the sticking points holding up the overall bill.

Meanwhile, Senators Baucus and Reid spent most of yesterday negotiating with swing Republican votes — at this point, just Maine Republican Senators Olympia Snowe and Susan Collins — to identify what changes are necessary in order to gain the 59^th and 60^th votes needed. As CongressDaily reports:

The chief target appears to be $24 billion to extend higher Medicaid matching funds …

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admin2019-02-06T17:20:59+00:00June 23, 2010|

Latest On Extenders and the Payroll Tax

So the Senate just adopted a stand-alone, six month Doc Fix. Adoption of this provision sends a couple signals for the broader extender package.

This action follows on last night’s failed 56-40 cloture vote on Baucus II. While this vote represented a significant improvement over the 45 votes in support of Baucus I, it still signaled to the Senate (and House for that matter) that the extenders plus package was not going to be completed this week. Hence the need for the stand-alone Doc Fix. Moreover, the adoption of this very large — and ultimately offset — spending item suggests that …

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admin2019-02-06T17:20:59+00:00June 18, 2010|

Baucus Substitute, Part II

After falling 15 votes shy of the 60 needed to close debate and move forward on the “extender plus” package, Finance Chairman Max Baucus offered up a second substitute last evening and Senator Reid immediately filed a cloture motion to end debate. That motion requires 60 votes and the vote would take place on Friday.

The new Baucus substitute is “slimmer” than the previous effort and apparently was designed to mirror the deficit impact of the House-passed bill. As such, its goal is not only to attract 60 votes in the Senate, but also to pass the House as well. As …

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admin2019-02-06T17:20:59+00:00June 17, 2010|