taxpayers - The S Corporation Association

Corporate-Only Reform Takes One on the Chin

Tom Barthold of the Joint Committee on Taxation made the case to the Super Committee last week against attempting to reform the corporate side only.

It would be very difficult to wall off a number of provisions and say we’ll have one set of rules if you’re this type of entity and a potentially different set of rules if you’re another type of entity.

Later, in an exchange with Senator Rob Portman (R-OH), Barthold went into more detail:

SEN. PORTMAN: If you lowered the corporate rate and did so by getting rid of the some of the existing preferences, and those preferences also …

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admin2019-02-01T20:24:45+00:00September 27, 2011|

Payroll Tax Hike Taken Up in the Senate

The Senate began debate on the bloated tax extender package today. The House passed its version 215-204 shortly before leaving for the Memorial Day recess on May 28^th.

That vote was supposed to take place earlier in May, leaving time for the Senate to take action, but opposition to the tax hikes and higher deficits called for in the bill delayed consideration until the Leadership was able to cobble together the votes. As a result, the Senate had already left town and is just now taking up the bill today.

Regarding the schedule, Senator Reid faces a tight window to get the …

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admin2019-02-06T17:20:59+00:00June 8, 2010|

S-CORP Opposes Extender Pay-For

Your S-CORP team has been busy hitting the Hill in opposition to this payroll tax provision in recent days. Late last week, the House Ways and Means Committee released its package of tax extenders, partially offset by an expansion of the S corporation payroll tax to firms in service industries.

While the S corporation community knew the payroll tax hike was under consideration, this was the first time we had seen an actual proposal and it took us a couple days to get a read on who would be affected.

The provision is much broader than advertised. It begins by …

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admin2019-02-06T17:20:59+00:00May 26, 2010|

Bailout Takes Center Stage

Our friends at the Treasury spent the weekend working primarily with the House Financial Services Committee to refine the Administration’s emergency plan to purchase hundreds of billions of dollars worth of mortgage backed securities.

According to Bloomberg, the scope of the proposal has expanded to include other troubled assets, including credit card debts and car loans. Members of Congress are also weighing in, seeking to add additional provisions such as limits on executive compensation and the cramdown of loan balances under bankruptcy.

The goal of these talks is to get …

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admin2019-02-06T18:06:07+00:00September 22, 2008|

Senate Passes AMT

The United States Senate last evening passed a one-year extension of the so-called AMT patch – a higher AMT exemption to protect 20 million or so taxpayers from being subjected to the AMT on April 15^th. This bill did not include any offsets and it did not include any additional extenders, either.

Senate Republicans, as well as some Democrats – including Finance Committee Chairman Max Baucus – have observed that, since much of the revenue collected by the AMT is accidental and was not intended by Congress, it is nonsensical to insist that protecting taxpayers from the tax should be offset …

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admin2019-02-06T18:43:58+00:00December 7, 2007|