Home/Tag: tax incentives

President’s Budget is Good for S Corporations, Too Bad Congress will Ignore It

The President’Fs fiscal year 2009 budget was released this morning together with the “Blue Book“ describing his proposed tax policies. Here are a couple thoughts as Congress begins the process of putting together its tax and spending bills for the coming year.

First, the whole process of the President’s budget has a strong element of unfairness to it. For the past three decades, every President has put together a comprehensive annual budget and sent it up to the

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2019-02-06T18:43:58+00:00February 4, 2008|

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|

Tax Relief Delayed - Pressure for Offsets Grows

Congress returns to legislative business this week following a week long Columbus Day recess. With numerous outstanding issues for Congress to consider before adjourning for the year (possibly by Thanksgiving, but December remains a distinct possibility), the small and family owned business community must continue to be vigilant for any misguided efforts to raise payroll taxes on S Corps and other small businesses.

The first priority of the tax writing committees continues to be legislation to encourage the physical restoration of the areas hit by Hurricane Katrina. Both the Senate Finance Committee and the House Ways and Means Committee are expected

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