senate

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Tax Reform Statement & Pass Through Taxes

Just in time for the August recess, the House, Senate and the White House released a joint statement yesterday on the status of their tax reform talks and their plans moving forward.  You can read the statement here.  From our perspective, here are the key points: "While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform." A primary purpose of the statement was to pivot the tax conversation away from the House Blueprint and the border adjustment ...

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By |2017-08-01T17:24:20+00:00August 1st, 2017|Uncategorized|0 Comments

Extenders Clear the Senate

Although it’s not ideal and expires in just two weeks, we are glad to report that the tax extenders bill finally passed in the Senate last night by a 76-16 vote and is on its way to the President's desk. Among the 55 provisions included in the bill are the reduced five-year built-in gains holding period and the basis adjustment fix for charitable contributions. The package, however, is a one year retroactive extension of the expired provisions through 2014, and will therefore expire at year’s end. Interestingly, Senate Finance Chairman Ron Wyden (D-OR) voted against the bill, as did Sen. Rob ...

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By |2014-12-17T15:58:23+00:00December 17th, 2014|Uncategorized|0 Comments

Extenders Update

The tax extenders front has been busy in the last couple days.  First, there was the rumor Monday that negotiators were close to a deal.  Tuesday, details emerged of a $450 billion package mixing ten permanent items with a two-year extension (2014 & 2015) of most other items.  And then yesterday evening the White House issued a veto threat against the package, leaving its prospects very much up in the air. What’s remarkable about the White House veto threat is that it occurred at all.  To our recollection, this is the first time in six years the White House and ...

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By |2014-11-26T19:35:52+00:00November 26th, 2014|Uncategorized|0 Comments

BIG Tax Relief on House Floor

It’s a big week for S corporations!  The House is scheduled to vote on several small business tax items, including permanently higher section 179 expensing limits and S corporation modernization legislation too! The S corporation bill, newly-named the S Corporation Permanent Tax Relief Act of 2014, will bundle together HR 4453 (permanent 5-year BIG period) and HR 4454 (basis adjustment for charitable contributions). We expect the bill to be considered by the Rules Committee later today with debate and a vote on the bill to take place Thursday. Making the five-year recognition period for built in gains permanent has been ...

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By |2014-06-10T15:24:26+00:00June 10th, 2014|Uncategorized|0 Comments

Ways & Means Votes for Permanent BIG Relief!

Earlier today, the House Ways and Means Committee voted out a number of business-friendly tax provisions, including two S corporation reforms introduced by Reps. Dave Reichert (R-WA) and Ron Kind (D-WI). You can click here to watch the video of the markup in its entirety. The first bill (H.R. 4453) makes permanent a five-year built-in gains recognition period while the latter (H.R. 4454) does the same with a basis adjustment for charitable giving by S corporations. Both provisions were included in Chairman Camp’s tax reform draft and were voted out of Committee with comfortable majorities. In a related effort, two ...

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By |2014-04-29T21:46:01+00:00April 29th, 2014|Uncategorized|0 Comments