tax reform - The S Corporation Association

Increased Activity on Tax Reform

A Hill report from yesterday adds detail to the rumblings over the past week that the House Ways and Means Committee Republicans are putting together a discussion outline for tax reform. According to The Hill:

Sources say GOP lawmakers on the House Ways and Means Committee are working on a draft proposal that would shift the U.S. to a so-called “territorial” tax system, in which companies would basically only be taxed on profits made within American borders.

The Ways and Means plan would not be a fully drafted bill, but instead a proposal that would allow business groups and other stakeholders to …

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admin2019-02-01T20:24:44+00:00October 19, 2011|

Business Groups Endorse Comprehensive Tax Reform

As the Joint Select Committee on Deficit Reduction considers tax reform options, a large and diverse group of business associations has written to the Senate Finance and House Ways and Means Committees making clear that any effort to reform the tax code must be comprehensive and it must recognize the critical contribution pass-through businesses make to investment and job creation in the United States.

Released on Wednesday, October 12^th and signed by 44 business associations, including the National Federation of Independent Business, the National Association of Wholesale Distributors, the Associated General Contractors, the American Council of Engineering Companies, the Independent Community …

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admin2019-02-01T20:24:44+00:00October 12, 2011|

Super Committee, Tax Reform, and Tax Provisions

Congress returned this week with most people focused on the Super Committee and its prospects for producing a deficit reduction plan by the end of the year.

To recap, the Budget Control Act created a Super Committee of twelve members charged with coming up with at least $1.2 trillion in deficit reduction by the end of the year. How they devise these savings is up to them, but if they fail, we will see $1.2 trillion in automatic spending cuts equally divided between defense and domestic spending starting in 2013 and spread out over nine years.

For tax wonks, the big question …

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admin2019-02-01T20:24:45+00:00September 7, 2011|

Honey, I Shrunk the Small Business Sector

Earlier this month, the Department of the Treasury released a report to redefine “small business.” As Bloomberg reports:

Using the proposed definition, 20 million small business owners reported $376 billion in net business income for 2007, according to a Treasury analysis of returns that year.

Under a second, narrower definition in which profit or loss from a business represented at least 25 percent of a filer’s income, researchers estimated there were 9.4 million small business owners with $335 billion in reported income for 2007.

The previous methodology counted 34.7 million filers reporting $662 billion in income in 2007. Under the new definitions, …

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admin2019-02-01T20:24:45+00:00August 24, 2011|

Pass-throughs are b�Silent Majorityb� in Tax Reform Debate

As Washington adjusts its focus towards the new Joint Committee on Deficit Reduction, many observers expect the same sort of partisan ideological gridlock that has seized much of the process to this point, but there are those that see a realistic path to a successful compromise by the “super” committee, and they see this scenario reached through some sort of revenue-neutral reform of the tax code. The top tax writers in Congress intend to move forward the tax reform debate this year, through the deficit reduction effort or separately, and have already begun calling corporate CEOs to the table to …

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admin2019-02-01T20:24:45+00:00August 9, 2011|