tax rates - The S Corporation Association

Congress Returns

Congress came back from its August break this week and is picking up right where it left off, struggling with the question of what to do with the Alternative Minimum Tax and examining how to appropriately tax the carried interest earned by hedge fund managers and other general partners.

These questions are connected, obviously, in that addressing the AMT will be very expensive while raising the tax rates on carried interest would presumably raise lots of revenue. That’s one reason why both the Ways and Means and …

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admin2019-02-06T18:44:37+00:00September 7, 2007|

Accountants Weigh in on Tax Gap

First, the “Big Four” accounting firms weighed in on the Tax Gap. Now, the American Institute of Certified Public Accountants, the trade association for the accounting community, has added its input.

While only 1.3 percent of accountants believe that honest errors are the main source of the Tax Gap — no surprise there, since these are the same folks who prepare our taxes — nearly half suggested the small business community was responsible for the underpayment of the remainder of taxes owed.

The survey is on their website, but just one more reason for the small …

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admin2019-02-06T18:44:37+00:00July 10, 2007|

Another Tax Gap Hearing, Another Standoff

In case you didn’t already catch the Senate Finance Committee hearing featuring Treasury Secretary Henry Paulson yesterday, here’s a quick summary.

The hearing itself was pretty entertaining and highlighted the on-going stand-off between Paulson and Finance Chairman Baucus. Baucus set a timetable for results saying that he wants a 90% voluntary compliance rate by the year 2017 – placing the responsibility on the Treasury to come up with this plan and deliver it in 90 days – July 18th – to the Committee. Paulson responded that he would be more than happy to come …

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admin2019-02-06T18:46:05+00:00April 19, 2007|

Political Landscape of 2nd Session of the 109th Congress

The second session of the 109th Congress has begun! The Senate was in session for a portion of January to consider President Bush’s nomination of Samuel Alito to the Supreme Court with the final vote to confirm him occurring on January 31st. Both the House and the Senate returned in earnest to legislative business that day which was also the day of the President’s State of the Union address. This week the President unveils his FY 2007 budget proposal which is likely to include new initiatives for energy independence and healthcare affordability.
First and foremost on the minds of House Republicans …

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admin2019-02-06T18:48:17+00:00February 6, 2006|