tax increases - The S Corporation Association

Finance Holds Small Business Tax Relief Hearing — S CORP Submits Testimony

Today, the Chairman of the S Corporation Association Advisory Committee, James Redpath, submitted testimony on S Corp reform to the Senate Committee on Finance. The Senate Finance Committee held the hearing on small business tax relief as part of its preparation for Senate consideration of the minimum wage increase. As Jim pointed out in his testimony:

I am concerned that many of the companies that will bear the impact of this increase in labor costs are closely-held or family-owned businesses structured as Subchapter S corporations. My goal is to provide you with …

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admin2019-02-06T18:46:06+00:00January 10, 2007|

TAX BILL IN LAME DUCK?

Real quick, here’s what we’re hearing on the prospects of tax legislation moving when Congress returns next week:

Congressmen Hastert, Boehner, and Thomas are gathering today to decide what the House tax bill should look like. As we’ve previously reported, the best guess is a narrow bill that extends for a couple years expiring tax provisions like the R&D tax credit, together with some non-controversial trade proposals. Targeted provisions outside the usual extenders may get included, but that’s not clear right now.

On the Senate side, the limiting factor appears to be whatever can get adopted by voice vote. With the Senate …

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admin2019-02-06T18:47:18+00:00December 1, 2006|

S Corps Wary of Tax Gap Report and Hunt for Revenue Offsets

This week Congress winds up legislative business so that Members can go home and campaign for re-election. Following Election Day, both the House and the Senate will come back for a “Lame Duck” session of Congress. Depending upon the results of the election, it could be a very interesting session.

During the recess, S-CORP will continue educating congressional staff promoting and building support for the pro-S Corp bills introduced this Congress. If there’s an opportunity to include any of these provisions on moving legislation in the Lame Duck session, we want to be prepared!

Also of interest to S-CORP members, this week …

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admin2019-02-06T18:47:19+00:00September 29, 2006|

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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admin2019-02-06T18:48:18+00:00October 18, 2005|

S-CORP Fights Proposed Tax Increases As Congress Searches for Revenue

As S-CORP members will recall, this year began with a Joint Committee on Taxation (JCT) proposal to impose a nearly 3 percent additional tax on the full distributable share of profits for S corporation shareholders. The proposed tax would raise an astonishing $57.4 billion over ten years by applying to shareholders of S corporations as well as to partnerships. Then in May, the Department of Treasury’s Inspector General for Tax Administration in testimony before the Senate Finance Committee (May 25, 2005) also endorsed the proposition that the net earnings of S corporations should be subject to payroll taxes. This was …

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admin2019-02-06T18:48:18+00:00October 12, 2005|