Home/Tag: S-CHIP

AMT and Other Updates

Just after Thanksgiving, we put together a list of the must-pass items that Congress would turn to in December, including the AMT/Extender package, omnibus spending bill, farm bill, S-CHIP, energy bill, and Medicare Doctors payment legislation.

With just a few hours to go in this congressional session, it looks like many of these items will clear the Congress “in one form or another” and be sent to the President. In just the last day, the two bodies dealt with the omnibus spending bill (including $70 billion to fund the war in Iraq), a six-month extension of doctors’ payments under Medicare and

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2019-02-06T18:43:58+00:00December 19, 2007|

The End is Near (of the First Session)

Congress returns Monday with lots to do and just three weeks to do it. Here’s the list of must-pass items we’ve identified:

  • AMT Patch
  • Tax Extenders (Including the S Corporation Charitable Provision)
  • S-CHIP Reauthorization
  • All the Spending Bills
  • Increase Doctor Payments under Medicare

That’s enough to fill two months of session, let alone 21 days, but there’s more. In addition to these items that most observers agree must get done, there is also a long list of priorities that the majority would like to address before they go home for the holidays, including an energy bill, an agriculture bill, and more.

How will it all work out?

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2019-02-06T18:43:58+00:00November 28, 2007|

AMT and Corporate Tax Rates Together? Watch Out

As we have previously reported, Chairman Charlie Rangel has a deep interest in passing a permanent “fix” to the Alternative Minimum Tax. Meanwhile, Treasury Secretary Paulson has kicked-off efforts to cut the corporate tax rate in order to make our corporations more competitive on the world stage.

Now the word on the Hill is that these two unrelated agendas may collide in the next week or two at a Ways and Means Committee hearing, and possibly at the end of the year as a massive tax reform package.

As BNA reported last week (subscription required), Chairman

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2019-02-06T18:44:37+00:00September 25, 2007|

Treasury Conference on Corporate Tax Policy

Your S-Corp Association friends attended the Treasury conference on corporate tax policy last week, rubbing shoulders with the Secretary of the Treasury, Alan Greenspan, and others. As expected, the bulk of the speakers focused on tax issues of most concern to Fortune 500 companies – the corporate rate, the treatment of foreign earnings, etc. There’s growing concern that our corporate tax rate is out of whack with the rest of the developed world and this forum served to highlight the benefits of a corporate tax rate cut.

One of the invited speakers, however, S-Corp ally John Satagaj from the Small Business

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2019-02-06T18:44:37+00:00August 1, 2007|

Small Business Tax Package Signed Into Law

Congress returns this week following its Memorial Day recess. As expected, the Small Business tax package was signed into law along with the Iraqi War funding just before they left. This package included a number of S corporation reforms that we have been working on for years, and represents a significant improvement to the rules governing how S corporations operate.

Key reforms included relief from the dreaded “sting tax” as well as allowing trusts that hold S corporation stock to deduct their interest expenses, something other trusts have long been allowed to do. And while we did not get everything we

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2019-02-06T18:44:38+00:00June 5, 2007|