tax provisions - The S Corporation Association

109th Congress Concludes Business

Out with the Old Challenges

Last week the House and Senate wrapped up the 109th Congress by approving a “continuing resolution” to fund the federal government through February 15th. Doing so leaves major 2007 spending decisions to the new Democratic-controlled Congress when they convene in January.

The House and Senate also approved a $45 million tax bill that extends for two years popular to tax benefits, such as the Research and Development and Work Opportunity Tax Credits, many of which expired at the end of last year. This comprehensive package also included an energy tax title that extended, again for two years, …

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admin2019-02-06T18:46:06+00:00December 11, 2006|

KEY NEW SENATE POSITIONS ANNOUNCED

The “Lame Duck” session of Congress convened this week to tackle a number of organizational and legislative priorities. The 109th Congress must wrap up the remaining 2007 fiscal year spending bills or at least pass a “continuing resolution” to fund the government through the rest of the fiscal year while also preparing for the 110th Congress with leadership elections and committee assignments.

Yesterday Senate Democrats voted for leadership positions electing Senator Harry Reid (D-NV) as the new Majority Leader and Senator Dick Durbin (D-IL) as Assistant Majority Leader. The Senate Democratic Steering Committee also tentatively announced which Democrats will serve on …

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admin2019-02-06T18:47:18+00:00November 15, 2006|

Tax Bill Action Moves to the Senate

Following late Friday night and early Saturday morning votes in the House on the Pension Protection Act of 2006 and the Estate Tax and Extension of Tax Relief Act of 2006, attention now turns to the Senate and whether the Senate will be able to pass these measures. Senate Majority Leader Bill Frist (R-TN) intends to bring up the package including the estate tax, extension of expiring tax provisions like the Research and Experiment tax credit, and the minimum wage increase first, with the pension bill to follow. He’ll need 60 votes for either package to clear the Senate. As …

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admin2019-02-06T18:47:19+00:00August 1, 2006|

S-CORP Victory in Senate Tax Bill; S Corporation Reform Legislation Introduced in the House!

November has been an active and exciting month for the S Corporation Association and we have much to be thankful for:

TWO S corporation modernization provisions approved by the Senate as part of a larger tax package
Efforts to oppose increased payroll taxes on S corporations continue to be successful
Congressman Clay Shaw along with Congressman Jim Ramstad introduce S corporation reform legislation in the House
Joint Committee on Taxation estimates revenue loss on built-in gains tax relief legislation

Before adjourning for a three-week recess, the Senate approved its reconciliation tax package that includes two provisions from the Subchapter S modernization and reform bill that …

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admin2019-02-06T18:48:18+00:00November 29, 2005|

S CORP ALLIANCE CONTINUES TO MAKE HEADLINES!

For those who missed it, Monday’s Congress Daily does an excellent job of outlining the challenge confronting S Corporations and other flow-through businesses as Congress prepares to take up reconciliation, tax reform, an extension of expiring tax provisions, and other tax legislation this Congress. Continued interest by the press regarding the Joint Committee’s recommendation is a clear signal this issue is not going away…

JCT and the Treasury Department’s Inspector General for Tax Administration have proposed changing the rules to ensure that payroll taxes are levied on all a firm’s income, regardless of how it is counted. Concern in the small …

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admin2019-02-06T18:48:18+00:00August 11, 2005|