Ways and Means - The S Corporation Association

Ways and Means Hearing

S-corporation taxation took center stage on the Hill last week.

Carrying the S-Corp flag before the House Ways and Means Committee was Association Advisor Tom Nichols of Meissner Tierney Fisher & Nichols S.C. Tom had been invited to represent the S Corporation Association and testify at a hearing entitled “Tax Treatment of Closely-Held Businesses in the Context of Tax Reform” along with five other witnesses representing other trade groups and academia. Tom’s testimony made clear to the tax writers what we’d like to see when they pursue tax reform:

“As much as possible, …

(Read More)

admin2019-02-01T20:21:28+00:00March 13, 2012|

Pass-Through Businesses Get Their Day

On the heels of the release of the Ways and Means Committee’s discussion draft to reform the international tax code and drop the corporate rate to 25 percent, a Subcommittee of the House Committee on Small Business held a hearing Thursday morning to discuss how and why the business tax reform needs to include pass-through businesses.

Entitled “Pro-Growth Tax Policy: Why Small Businesses Need Individual Tax Reform,” the hearing was rife with good testimony. Tax Notes had a nice write-up on it this morning:

“Flow-through businesses would lose the benefit of widely used and long-standing provisions, such as accelerated depreciation and …

(Read More)

admin2019-02-01T20:24:44+00:00November 4, 2011|

Ways & Means Releases Tax Reform Outline — Part I

The Ways and Means Committee Republicans released their long-awaited draft on international tax reform today. According to the Committee, today’s release is part of a series of reforms to be outlined by the Committee in coming months, the whole of which would make up a comprehensive rewrite of the tax code.

Good news there. As our Washington Wire readers know, we’ve been making the case since last January that any reform effort needs to be comprehensive.

According to the Committee: “Today, Ways and Means Committee Chairman Dave Camp (R-MI) unveiled an international tax reform discussion draft as part of the Committee’s broader …

(Read More)

admin2019-02-01T20:24:44+00:00October 27, 2011|

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 …

(Read More)

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 …

(Read More)

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