tax extenders - The S Corporation Association

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|

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|

Latest on Payroll Tax Hike and Extenders

Earlier today, the Senate voted earlier on its version of the “extenders plus” bill passed by the House a few weeks back. The vote, on a motion to waive a Budget Act point of order, failed miserably (45-52), indicating the Senate Leadership has a long way to go before they gather the sixty votes necessary to move forward.

With this morning’s vote behind us, the process moving forward is becoming clearer–Finance Chairman Max Baucus (D-MT) is expected to introduce a new substitute today. According to BNA:

Baucus is expected to draw up a new substitute amendment that will be a slimmed-down …

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admin2019-02-06T17:20:59+00:00June 16, 2010|

Senators Snowe and Enzi Take On Small Business Tax Hike

The payroll tax hike in the House-passed extenders bill moves to the front burner in the Senate this week.

Senators Olympia Snowe (R-ME) and Mike Enzi (R-WY) introduced an amendment late last week to strike the provision from the bill. As a potential swing vote on the overall package, Snowe’s opposition in particular is sure to catch Leadership’s eye.

“At a time when Congress continues to dither on enacting a small business jobs bill, Section 413 is a poison pill in this tax bill, robbing American small businesses of the capital they need to create new, good-paying jobs,” Senator Snowe said in …

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admin2019-02-06T17:20:59+00:00June 14, 2010|

S-CORP Opposes Extender Pay-For

Your S-CORP team has been busy hitting the Hill in opposition to this payroll tax provision in recent days. Late last week, the House Ways and Means Committee released its package of tax extenders, partially offset by an expansion of the S corporation payroll tax to firms in service industries.

While the S corporation community knew the payroll tax hike was under consideration, this was the first time we had seen an actual proposal and it took us a couple days to get a read on who would be affected.

The provision is much broader than advertised. It begins by …

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admin2019-02-06T17:20:59+00:00May 26, 2010|