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Small Business Tax Package Recap

With the Senate back in town this week, here’s a quick recap on the status of the S Corp reform tax title we’ve been advocating in Congress:

  • First, on January 10th, the House passed a clean minimum wage increase and sent the legislation to the Senate.
  • Second, on January 31st, the Senate added by voice vote $8 billion worth of small business tax provisions to the House wage increase, including an S Corporation Reform tax title incorporating several S Corp priorities.
  • Third, on February 16th, the House adopted its own $1 billion small business tax relief alternative to the Senate package. This package

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2019-02-06T17:21:00+00:00April 10, 2010|

President to Sign Fiscal Stimulus

The President is expected to sign the fiscal stimulus package on Wednesday. After two weeks of hand ringing and posturing, the Senate finally adopted a slightly modified version of the bill the House and the President originally had negotiated.

As sent to the President, the package would:

  • Send checks of $600 per filer and $300 per child to families with joint incomes of less than $150,000. Actual amounts will be calculated based on income tax filings for 2007, so expect the actual checks to be in the mail by late spring and early summer.
  • Encourage new business investment by increasing the limit on

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2019-02-06T18:43:57+00:00February 11, 2008|

2008 Tax Forecast

While everyone else is predicting the presidential primaries, we thought we’d take a look at the forecast for tax policy in Congress this year.

The usual refrain for a presidential election year is that all the real policy issues are pushed aside in favor of posturing for the election and the following session of Congress.

While we expect to see lots of posturing, there are two reasons why some real tax work might get done this year, namely, the deteriorating economy and the expiration of the R&E tax credit and other tax extenders.

Nearly all of the Presidential candidates have put forward a

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2019-02-06T18:43:58+00:00January 16, 2008|

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|

Small Business Tax Package — Part II!

House Leadership has indicated that it will attach the $4.8 billion Small Business tax package to the second Iraq supplemental spending bill to be considered by the House this week. The tax package will likely remain the same, while the underlying spending bill will fund operations in Iraq for just three months. This approach will likely pass the House, but it appears to have significant challenges in the Senate and at the other end of Pennsylvania Avenue. As CongressDaily reported yesterday morning:

“McConnell labeled as a “uniquely bad idea” the House proposal backed by Appropriations Committee Chairman Obey

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2019-02-06T18:44:38+00:00May 9, 2007|