Main Street 199A Resources

June 20, 2024|

Back in 2021, we posted all the studies and other information we’d compiled demonstrating the outsized role family businesses and other pass-through employers play in the American economy. These businesses earn the majority of business ...

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Breaking Down the False CTA Narrative

June 17, 2024|

Tax Notes published a good summary of the state of play regarding the Corporate Transparency Act in last week’s edition, including highlighting the multiple lawsuits filed against the law and the several bills introduced to ...

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How Much is Fair?

June 13, 2024|

Yesterday’s Senate Budget Committee hearing produced an interesting exchange that caught our attention. The hearing was entitled “Making Wall Street Pay Its Fair Share,” but when it came to defining exactly what “fair” means, the ...

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The “Experts” Get 199A Wrong, Part 2

June 5, 2024|

We like Marty Sullivan. He always has something interesting to say. His latest piece criticizing Section 199A is a bit of a disappointment, however. Where to start? Marty says the pass-through community was “seething” following ...

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S-Corp Modernization Introduced in the House

June 5, 2024|

Good news for the S corporation community! Ways and Means Member Brad Wenstrup (R-OH) has introduced the S Corporation Modernization Act of 2024 (H.R. 8614).  S-Corp Mod has a long history of simplifying the rules ...

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Wait, What???

May 28, 2024|

Under the category of “Care to elaborate?” this month’s CBO analysis of the fiscal cliff costs includes estimates of the Section 461(l) excess loss provision that are, shall we say, significantly revised. The new numbers ...

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House Small Business on CTA

April 30, 2024|

With the Corporate Transparency Act in effect for several months now, the House Small Business Committee convened to discuss how the rollout of the new law is going. The short answer – not so good. ...

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Main Street Backs CTA Repeal

April 29, 2024|

Today over 100 trade associations, representing millions of small businesses nationwide, strongly supported legislation introduced by Representative Warren Davidson (R-OH) to repeal the Corporate Transparency Act (CTA). Appropriately named the “Repealing Big Brother Overreach Act”, ...

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Fiscal Cliff Gets Renewed Focus

April 25, 2024|

In a sign that lawmakers are not content simply waiting until next year to address a litany of scheduled tax hikes, House Ways & Means Committee Chairman Jason Smith yesterday announced a series of “tax ...

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Support CTA Relief

April 16, 2024|

The House Small Business Committee is holding a hearing on the Corporate Transparency Act later this month. One witness will be Carol Roth, a bestselling author and small business advocate who has helped lead the ...

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Main Street on the Hill

April 16, 2024|

S-Corp and its friends at the National Federation of Independent Business hosted a Tax Day briefing for Hill staff and other stakeholders yesterday. The topic: the massive tax hikes threatening Main Street at the end ...

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199A Takes Center Stage

April 12, 2024|

As we wrote earlier this week, it’s a busy April for tax policy. The packed agenda kicked off Tuesday with a hearing at the House Small Business Committee entitled, “Exploring the Adverse Effects of High ...

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A Taxing Month for Lawmakers

April 8, 2024|

Congress is back in session this week for what promises to be a busy April for tax policy. Here is a quick overview of what’s happening. Smith-Wyden Bill in Senate The big-ticket item is the ...

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C Corps for Everybody?

April 4, 2024|

S-Corp’s mantra for tax reform is “S corps for everybody!”  Tax all businesses once, tax them when the money is earned, tax them at a reasonable rate, and then leave them alone. In other words, ...

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Time to Pause the CTA

March 19, 2024|

The Main Street business community came out in force today calling on Congress to enact the Protect Small Business and Prevent Illicit Financial Activity Act (S. 3625). The legislation, championed by Senator Tim Scott (R-NC), ...

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More than a Dime’s Worth of Difference

March 14, 2024|

Two events took place this week which demonstrate just how remarkably divergent the potential paths of tax policy are next year. First, the Senate Finance Committee held a rare hearing Tuesday on the challenges faced ...

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CTA’s Prospects, Post-NSBA v. Yellen

March 7, 2024|

Friday’s District Court decision declaring the Corporate Transparency Act (CTA) unconstitutional is garnering lots of attention. As the Wall Street Journal editorial board noted, “The judgment is a legal bullet dodged for millions of small ...

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Court CTA Ruling a Huge Win for Main Street

March 2, 2024|

Huge news to kick off the weekend -- a federal judge just ruled that the Corporate Transparency Act is unconstitutional, marking the end of a 16-month legal battle led by the National Small Business Association ...

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The “Experts” Get 199A Wrong

February 20, 2024|

When Congress finishes work on the tax package pending in the Senate, we expect the conversation to pivot rapidly to what we should do about all those expiring TCJA provisions at the end of 2025. ...

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FinCEN in the House

February 13, 2024|

The head of the Financial Crimes Enforcement Network (FinCEN) will testify tomorrow before the House Financial Services Committee (HFSC). The hearing will focus on the Corporate Transparency Act’s implementation and is a good opportunity for ...

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Tax Package Heads to the Senate

February 1, 2024|

Yesterday evening the House came out in strong support for the tax relief package negotiated by Chairmen Ron Wyden (D-OR) and Jason Smith (R-MO). Less than two weeks after sailing through the Ways & Means ...

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2024 Tax Policy Outlook

January 10, 2024|

It still feels like the calm before the storm, but federal lawmakers are back in town to kick off what could be a surprisingly interesting year for tax policy. Below are a few items we’ll ...

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CTA Criticism Growing

January 3, 2024|

With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own ...

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Congress Moves CTA Delay (Maybe)

December 21, 2023|

Lots of action with the CTA in the weeks leading up to New Year’s. On Tuesday past, the House advanced the Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119) sponsored by Representatives ...

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Save the Tax Code, Save the Country

December 7, 2023|

Save the Tax Code, Save the Country  This week’s Ways and Means hearing adds to the growing conversation focused on “what comes next” for the tax code. Like the residents of a dying planet, the ...

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Crapo on Tax Gap

November 30, 2023|

Senator Mike Crapo, Ranking Member of the Finance Committee, is out with a piece in Tax Notes that highlights the various flaws in recent tax gap estimates. It’s a useful reminder that while these figures ...

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No One is Ready for the CTA

November 21, 2023|

Just in time for Thanksgiving, Sunday’s Wall Street Journal’s editorial page highlighted our Main Street letter calling for a one-year delay of the Corporate Transparency Act’s reporting requirements. Appropriately titled The Coming Deluge for Small ...

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Congress Can Still Prevent a Regulatory Trainwreck

November 16, 2023|

With just a month to go before the Corporate Transparency Act’s reporting requirements take effect, it’s abundantly clear – not to mention extremely worrying – that federal regulators simply do not have their act together ...

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Reality-Based Taxation

November 10, 2023|

Actual tax policy remains on hold in Congress (listen to our recent “Talking Taxes in a Truck” for that discussion) but there’s been some activity in recent weeks that’s worth highlighting nonetheless.  Specifically: Yesterday’s Finance ...

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Competing Tax Reforms (Part 1)

October 25, 2023|

Massive deficits, the fiscal cliff, and Social Security’s pending insolvency are jump-starting a long overdue debate over real tax reform – specifically, how should we best reorganize the tax code to survive the fiscal hurdles ...

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IRS Ramps Up

October 19, 2023|

Doug Holtz-Eakin has a thoughtful blog post this week on the deterioration of our “voluntary” compliance tax system. Whenever the term “voluntary” is used when discussing taxes, the tendency is for the audience to bust out ...

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Tax Implications of the Speaker Battle

October 9, 2023|

Last week, eight House Republicans, led by Representative Matt Gaetz (FL), voted with the entire Democratic conference to oust Speaker Kevin McCarthy.  What implications does this action have for Main Street businesses and tax policy?  ...

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The Importance of NSBA’s Lawsuit

September 21, 2023|

The House Financial Services Committee held a markup yesterday to consider twelve pieces of legislation. Notably absent was the Protecting Small Business Information Act (H.R. 4035), a bill to delay the Corporate Transparency Act’s January ...

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Hitting the “Pause” Button on the CTA

September 12, 2023|

With the Corporate Transparency Act’s new reporting requirements set to take effect beginning January 1st, Main Street is asking Congress to pump the brakes on this ill-conceived law.   A letter signed by more than 80 trade associations -- ...

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Our SALT Parity Campaign Back in the News

August 29, 2023|

Richard Rubin is out with a new piece in the Wall Street Journal that highlights just how successful our SALT Parity efforts have been. The article centers on an upcoming Tax Policy Center analysis which ...

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Section 199A Reality Check

August 17, 2023|

Chuck Marr, who heads up tax policy at the Center on Budget and Policy Priorities, took to Twitter recently to slam the Section 199A deduction. It’s a perfect example of the empty rhetoric deployed by ...

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Support for 199A Reaches New Heights

August 1, 2023|

The effort to make permanent the Section 199A Main Street business deduction just hit a significant milestone. In just two weeks the Main Street Tax Certainty Act (H.R. 4721), introduced by Congressman Lloyd Smucker, has ...

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More on Moore

July 28, 2023|

We promised more on Moore v. United States, and here it is. The pending court case is garnering lots of attention, including the WSJ, the Tax Policy Center, Tax Notes, former tax staffer George Callas, ...

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NY Needs R&E Expensing!

July 25, 2023|

Lynn Mucenski-Keck, an S-Corp Advisor and Principal at the accounting firm Withum, is out with new Forbes piece highlighting how punitive the new research and experimentation (R&E) tax regime is to businesses in New York ...

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Main Street Certainty in the House!

July 18, 2023|

Congressman Lloyd Smucker today will introduce the Main Street Tax Certainty Act, legislation to make permanent the Section 199A deduction. The bill mirrors S. 1706, recently introduced by Senator Steve Daines, so the campaign to ...

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Targeting the CTA

July 5, 2023|

S-Corp President Brian Reardon is out with an op-ed in the Washington Examiner that breaks down just how onerous and poorly constructed the Corporate Transparency Act’s reporting requirements really are. We’ve written about the CTA ...

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Tax News Roundup

June 29, 2023|

Before the Independence Day festivities kick off, we wanted to wrap up the week by sharing three news-worthy items on the tax front important to the Main Street community. SCOTUS on Taxes First, the Supreme ...

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The Importance of 199A

June 22, 2023|

Today’s House Budget Committee hearing on “Incentivizing Economic Excellence Through Tax Policy” is a good chance for members to learn about the importance of the Section 199A deduction for individually and family-owned businesses. This deduction ...

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Congress Focused on CTA Flaws

June 16, 2023|

With just six months to go before the Corporate Transparency Act’s (CTA) reporting requirements take effect, federal lawmakers are sounding the alarm over just how far reaching – and poorly constructed – the rules are. ...

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Does the House Tax Bill Have Legs? 

June 13, 2023|

The Ways and Means Committee began marking-up its long-discussed economic package earlier this morning. The package includes a number of provisions important to the pass-through community, including restoring R&E deductions and offering relief from the ...

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Debt Limit Deal

May 31, 2023|

The BIG news over Memorial Day was the debt limit deal reached by President Joe Biden and Speaker Kevin McCarthy. While the package is an obvious compromise, the result is a big positive signal for ...

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Main Street Tax Certainty Act

May 18, 2023|

Good news for Main Street! Long time S-Corp champion Senator Steve Daines from Montana plans to introduce his “Main Street Tax Certainty Act” later today.  Cosponsored by more than a dozen of his colleagues, the ...

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A Post-Disinflationary World

May 9, 2023|

Today’s meeting between Congressional leaders and the President is the first of many to come in what might be termed the post-disinflationary world. Interest rates peaked at 16 percent in the early 1980s and, following ...

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S-CORP Testifies

April 19, 2023|

The S Corporation Association took center stage on Capitol Hill yesterday at a Tax Day hearing before the House Small Business Committee. Lynn Mucenski-Keck, an S-Corp Advisor and Principal at the national accounting firm Withum ...

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A Main Street Care Package

April 6, 2023|

Word on the street is that House Republicans will put together a package of pro-growth provisions later this Spring, including a tax title. The effort is timely given our uncertain economic outlook and the current ...

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Reviewing the SALT Parity Landscape

March 23, 2023|

Thanks to the efforts of S-Corp and our allies over the past five years, 31 states have adopted our SALT Parity reforms to date, with another half-dozen actively considering them. Those new laws have enabled ...

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New Budget Continues the Assault on Main Street

March 10, 2023|

President Biden unveiled his budget proposal for the upcoming fiscal year yesterday and, as we predicted, it’s packed with tax hikes and other poorly-conceived policies that directly target the Main Street business community. The document ...

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An Anti-Main Street Budget

March 9, 2023|

The President is set to release his third budget later today and, as in the past, it's sure to call for higher taxes on family-owned businesses.  The Administration already circulated a fact sheet on its ...

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It’s the Spending

February 8, 2023|

Tonight’s State of the Union address will call for increased stock buyback taxes and a billionaire minimum tax, among other items.  Neither is going anywhere. Business owners should focus instead on the pending debt limit ...

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Your State Could Be Costing You Millions

December 20, 2022|

To mark the five-year anniversary of the Tax Cuts and Jobs Act, Tax Notes recently released a podcast reflecting on the 2017 bill, with a focus on how states have responded to its $10,000 cap ...

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Main Street Backs CTA Legal Challenge

December 7, 2022|

This week, the Main Street business community voiced its support the National Small Business Association’s lawsuit challenging the constitutionality of the Corporate Transparency Act (CTA). The letter was signed by more than 45 trade associations, ...

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ENABLERS Targets Main Street, Not Oligarchs

November 29, 2022|

A recent op-ed in the Washington Post has all the earmarks of blatant government overreach disguised as national security advocacy.  The op-ed, Congress is Letting International Money Launderers off the Hook supports the so-called ENABLERS ...

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Webinar Replay: Midterms Recap

November 11, 2022|

On Thursday S-Corp hosted a webinar to break down the results of the midterm elections, and explain what it all means for the S corporation business community. Hosted by S-Corp President Brian Reardon, the webinar ...

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Quick Take on the Tax Gap

November 2, 2022|

Last week’s release of new Tax Gap estimates continued the recent spate of good news on the tax front.  Recall that Treasury’s end-of-fiscal year results earlier this month showed collections rose 21 percent to a ...

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Legislative Outlook: Lame Duck and Beyond

October 28, 2022|

Last week we previewed the Midterm elections and shared our thoughts about how things will likely shake out. Today we’ll take a look at how those results will impact tax policy in the lame duck ...

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Election Outlook

October 21, 2022|

The elections are less than a month out, and the implications for S corporations are huge.  If Democrats retain control, we can expect two more years of policy risk, with the threat of higher rates ...

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Talking Taxes in a Truck Episode 22: Tax Girl

October 7, 2022|

Our latest podcast guest is Kelly Phillips Erb, managing shareholder at the Erb Law Firm, Team Lead for Insights and Commentary at Bloomberg Tax and Accounting, and the face behind the excellent @TaxGirl Twitter account ...

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Main Street Opposes ENABLERS Act

September 29, 2022|

The S Corporation Association joined with dozens of associations today to oppose the ENABLERS Act, legislation that would adversely affect millions of businesses, charities, and foundations, as well as their employees and investors. More than ...

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Tax Gap Claims Come Up Short, Again

September 20, 2022|

We’ve been skeptical of grandiose promises to close the so-called tax gap for years (here, here, here).  Part of that skepticism stems from the blatant self-interest of those making the estimates – we could raise ...

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Disable the ENABLERS Act

September 7, 2022|

Worried about your privacy?  You should be.  Congress is back and is quietly moving legislation that threatens the privacy and security of millions of business owners, charities, foundations, and investors. The bill is called the ...

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Shrinking Main Street

August 31, 2022|

ADP is out with its revised, independent jobs forecast this week and it shows continued challenges for Main Street.  As with past reports (before they revamped the product to produce a truly independent alternative to ...

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Ditch the IRA

August 11, 2022|

The Main Street business community today sent a letter to lawmakers with a simple message: many of the proposed tax policies in the Inflation Reduction Act would harm individually and family-owned businesses and should be ...

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“Getting Less for More”

August 5, 2022|

CBS News is out with a great interview that highlights the growing concerns of small business owners as they grapple with rising inflation, worker shortages, supply chain disruptions, and the looming threat of an economic ...

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Recession, Inflation, and the Small Business Sector

July 29, 2022|

Want to understand what’s happening in the economy?  Look to inflation-adjusted data.  Wage levels and company revenues are reported in nominal terms, while the GDP estimates are adjusted for inflation.  That’s why they appear to ...

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Summers on Tax Hikes

July 27, 2022|

Larry Summers has been right on inflation for the past year, but what about his recent comments on tax hikes? Here’s what he told reporters last week: “I sure wish we could get past this ...

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What’s Next for Tax Policy?

July 21, 2022|

Senate Democrats plan to advance a budget reconciliation bill in the coming weeks, but it will not include the $300-400 billion in Main Street tax hikes originally planned. The decision to scrap the tax provisions ...

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Main Street Opposes Tax Hikes

July 12, 2022|

Today the S Corporation Association joined with more than 200 trade associations to oppose the Senate’s latest efforts to raise taxes on small and family-owned businesses. The letter was spurred by recent reports that lawmakers ...

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Main Street Gets Squeezed

June 24, 2022|

If the Senate needs more reasons to drop the toxic Build Back Better Act, here’s a good one – job creation on Main Street has been negative over the past four months.  A recent piece ...

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Stop Main Street Tax Hikes

June 23, 2022|

With Congress set to depart DC for the next two weeks, there’s been a notable increase in chatter regarding the status of BBB negotiations: On Friday, Politico reported that Schumer and Manchin met twice last ...

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Congress Needs Its Anti-Recession Tools

June 10, 2022|

With the odds of a recession rising, a common tool used to counter past slowdowns may no longer be available.  That’s bad news for private businesses and the workers they employ.  Congressional tax-writers need to ...

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NIIT Picking

May 11, 2022|

Tax Notes is out with a new piece that makes the case for expanding the Net Investment Income Tax (NIIT).  The article quotes exclusively from individuals who would like to see the tax applied to ...

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More Evidence Tax Hikes Boost Prices

May 2, 2022|

Still more evidence the tax hikes included in the Build Back Better Act would make inflation worse.  As noted by Bruce Thompson in the Washington Examiner, a “Working Paper” from the National Bureau of Economic ...

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Small Business “Boom” is Anything But

April 29, 2022|

At a roundtable event on Thursday, President Biden unveiled a new White House report that touts a “small business boom,” and attributes this success to his administration’s economic strategy. The timing of the event was ...

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Collections Undermine Tax Hike Narrative

April 25, 2022|

The progressive case for raising taxes is premised upon two arguments – 1) income shares are increasingly concentrated at the top and 2) the Tax Cuts and Jobs Act (TCJA) reduced taxes for the wealthy ...

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Inflation and the BBB, Revisited

April 7, 2022|

With the DC tax press continuing to pester Senator Joe Manchin about the BBB’s prospects (response:  still dead) we thought we’d revisit yet another reason Congress should leave the BBB behind – inflation. Inflation has ...

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Taxing Unrealized Gains Still a Bad Idea

March 28, 2022|

Jason Furman thinks the Biden Administration’s soon-to-be proposed minimum tax is a good idea.  We can’t think of any reasons why. Administratively, it will be a nightmare of complex accounting, valuation, and litigation.  From the ...

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Tax Hike Premise Takes Another Hit

March 16, 2022|

Since its introduction, the Biden administration has repeatedly claimed that its tax plan would reverse a trend of rising income inequality in America. The ensuing debate focused almost exclusively on who pays what.  Serious questions ...

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Main Street Shrinks as Employment Expands

March 9, 2022|

In a statement released last week, the White House boasted that February’s employment numbers – which reported 678,000 new jobs – were the result of “the new economic approach [President Biden] talked about in the ...

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Parsing Manchin (Again)

March 4, 2022|

Senator Joe Manchin (D-WV) once again gave life to the moribund Build Back Better discussions Wednesday by outlining a new, slimmed-down version of the bill that he could support.  According to Politico: Manchin said that ...

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Beware of Pollsters on Taxes

February 15, 2022|

According to POLITICO and numerous other news outlets, top White House advisors remain convinced that pushing policies to make wealthy individuals and corporations start “paying their fair share” is a winning strategy in its own ...

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Taking Manchin at His Word

February 4, 2022|

When the Build Back Better Act (BBB) made its way to the Senate last year, an odd trend emerged: Every time West Virginia Senator Joe Manchin would make a clear statement regarding his position on ...

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BBB Will Make Inflation Worse

January 21, 2022|

Americans are correctly alarmed by the recent spike in prices, while Senator Manchin has made rising prices a key rationale for his opposition to the massive Build Back Better Act (BBB).  Both believe the BBB, ...

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Manchin a “No” on BBB

December 19, 2021|

The Build Back Better (BBB) bill would have harmed family businesses, cost jobs, and accelerated the economic consolidation already taking place in this country.  It would have been a negative for those states and communities ...

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S-Corp Joins SALT Parity Panel Discussion

December 13, 2021|

Last week, S-Corp President Brian Reardon joined a panel discussion on our SALT Parity efforts. Hosted by Tax Analysts, the webinar sought to explain why these laws are necessary, who benefits, and what effect current ...

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Family Businesses Targeted by BBB

December 8, 2021|

Ways and Means Republicans held a panel discussion on the Build Back Better (BBB) Act’s impact on individually and family-owned businesses yesterday morning, and just in time.  Main Street is panicked over the possibility that ...

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Another Reason Main Street Opposes the BBB

December 6, 2021|

The House-passed Build Back Better Act represents an existential threat to many S corporations.  Not only would the bill raise their rates to the highest in the OECD, it would impose limitations to deducting their ...

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Winston on Build Back Better

December 2, 2021|

The Biden Administration has attempted to sell its $2 trillion Build Back Better plan, including $540 billion in tax hikes on family businesses, as popular with voters.  That’s simply not true. An op-ed published yesterday ...

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BBB Still Harmful to Main Street

November 22, 2021|

Ken Kies is out with an excellent piece today that breaks down how bad of a deal the House-passed Build Back Better Act is for pass-through businesses. As the former Joint Committee on Taxation head ...

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Americans Oppose BBB: New Survey

November 18, 2021|

The House is back and has its sights set on passing the multi-trillion-dollar tax and spending package known as the Build Back Better (BBB) Act. How do voters feel about a 2,400-page bill that targets ...

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Main Street Highlights Opposition to Framework

November 3, 2021|

S-Corp joined with over 100 trade associations today in urging Congress to reject the White House’s Build Back Better framework, the latest version of Democrats’ multi-trillion-dollar tax and spend plan. This latest iteration replaces the ...

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Forbes Highlights Hit to Pass-Throughs

November 2, 2021|

Lynn Mucenski-Keck, a Partner at the accounting firm The Bonadio Group, has a fantastic piece in Forbes that makes the pass-through case against the framework’s tax increases. “Pass-Through Owners Bear the Hit with Proposed Federal ...

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Assault on Family Businesses Continues

October 28, 2021|

The “framework” released by the White House this morning continues the assault on family-owned businesses.  Advertised as a less aggressive plan than the Administration’s Build Back Better (BBB) proposal, the bill would result in higher ...

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M2M Returns, Departs

October 27, 2021|

Like a vampire, the Wyden “mark-to-market” (or M2M) proposal rose from the dead over the weekend in what appeared to be a Hail Mary effort to replace large portions of the House tax hike plan ...

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S-Corp Opposes Grantor Trust Changes

October 21, 2021|

The proposed changes to grantor trusts included in the Build Back Better Act (H.R. 5376) are a serious threat to Main Street employers nationwide. The authors claim these changes would ensure billionaires “pay their fair ...

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Analysis Shows 199A is Essential for Parity

October 12, 2021|

Ken Kies is a former head of Congress’ Joint Committee on Taxation and one of Washington’s most respected tax experts. Today he has a succinct and highly persuasive defense of the Section 199A deduction that’s ...

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Where the Jobs Are

September 29, 2021|

The House tax package would hit private companies twice as hard as public C corporations.  It would impose marginal rates of 46.4 percent or more on private companies, while taxing public corporations as little as ...

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Nichols Explains 199A in TaxNotes

September 27, 2021|

S Corporation Association advisor and Board member Tom Nichols of Meissner Tierney Fisher and Nichols has published a solid defense of 199A in TaxNotes this week. As we’ve noted previously, the House tax package would ...

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JCT Confirms Assault on Main Street

September 16, 2021|

The distribution tables released Tuesday on Chairman Neal’s tax increase package tell us what we already knew – the Neal bill is an all-out assault on family-owned businesses, together with the thousands of communities and ...

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Neal Draft Targets Main Street

September 14, 2021|

The House Ways and Means Committee on Monday released legislation aimed at paying for the Democrats' $3.5 trillion spending package. Committee members are scheduled to begin marking up the package today and expect to finish ...

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Main Street Responds to Looming Tax Threat

September 9, 2021|

With the House Ways and Means Committee kicking off its portion of the massive, $3.5 trillion budget reconciliation bill, more than 120 trade associations today voiced their strong opposition to the litany of tax hikes ...

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The Main Street Defense of the 199A Deduction

September 3, 2021|

The Section 199A deduction is under attack.  Senate Finance Chair Ron Wyden’s Small Business Tax Fairness Act would phase-out the deduction for owners making between $400,000 and $500,000, while critics of the deduction continue to ...

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Legislative Outlook – Hurry Up and Wait?

August 31, 2021|

Having secured passage of their budget resolution last week, House Democrats are wasting no time in assembling the ensuing reconciliation package with tentatively scheduled markups starting as early as Thursday. It’s the start of an ...

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White House Shortchanges Main Street

August 21, 2021|

The recent White House fact sheet on small businesses and tax hikes is highly misleading.  It exaggerates the number of small businesses in order to minimize the harm President Biden’s tax hikes will inflict on ...

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Quick Take on the Budget Resolution

August 9, 2021|

Senate Democrats released their FY 2022 budget resolution this morning.  With the bipartisan infrastructure bill scheduled to be voted on early this week, we could see final passage on the budget resolution no later than ...

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Estate Tax Hike Threat to Family Businesses

August 6, 2021|

With the Senate Majority Leader committed to a “dual-track” legislative strategy that includes a partisan budget resolution, Congress will soon be tasked with deciding which revenue raisers to include in a multi-trillion-dollar reconciliation package. A ...

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More on the Wyden 199A Bill

July 22, 2021|

S-Corp has had 24 hours to digest the Section 199A bill introduced by Senator Wyden yesterday, and the more we look, the less we like it.  Here are some additional thoughts: Not an Expansion Wyden’s ...

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Wyden Bill Targets Main Street

July 21, 2021|

Last month, over 100 trade associations voiced their strong opposition to changes to the Section 199A pass-through deduction. Their message was clear: now, more than ever, businesses across the country are relying on Section 199A ...

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Tax Threat Looms Large Despite Bipartisan Deal

July 1, 2021|

Last week’s on, off, and on-again bipartisan deal was confusing, but it did make clear President Biden’s intention to advance a more expansive partisan package regardless of the bipartisan bill’s fate. Work on that expanded ...

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SALT Parity Bills Hit Governor’s Desk in CO and IL

June 11, 2021|

Our SALT Parity reform bills continue to roll across the country. Since 2018, 13 states have adopted our parity legislation. Colorado and Illinois, whose legislatures recently approved similar bills, are just a Governor’s signature away from ...

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Revisiting the Outlook for Tax Policy

June 8, 2021|

The Biden administration’s tax proposals pose a triple threat to individually- and family-owned businesses.  They raise taxes on Main Street Employers when they earn income, when they sell the business, and when they pass the ...

(Read More)

Give FATCA a Chance

May 20, 2021|

Two months ago, we posted a Wire entitled “Hit and Run Economics” that highlighted a new NBER Working Paper – coauthored by Gabriel Zucman – that claimed the Tax Gap is much larger than previous estimates and ...

(Read More)

SALT Parity Continues to Roll

May 18, 2021|

More good news to report on the SALT Parity front! Just yesterday, South Carolina Governor Henry McMaster signed our parity legislation into law. As a result, more than 300,000 S corporations and partnerships in the ...

(Read More)

The Myth of Beneficial High Tax Rates

May 5, 2021|

The inequality narrative driving tax policy this year is built on three shaky foundations: (1) that the rich have captured all the economic gains in recent years, (2) that Americans support very high tax rates, ...

(Read More)

Are the Pollsters Wrong on Taxes?

April 26, 2021|

Politico recently ran a story about the soul-searching taking place in the polling community, whose 2020 projections predicted a landslide victory for Joe Biden and an significant expansion of the Democratic majority in the House. ...

(Read More)

A Little Reality on the Tax Gap

April 20, 2021|

IRS Commissioner Charles Rettig made news last week when he endorsed a new tax gap estimate from, among others, French economist Gabriel Zucman.  We reviewed the Zucman paper here and found it typically wanting – ...

(Read More)

S-Corp Hosts Tax Day Summit

April 16, 2021|

S-CORP and NFIB hosted their Main Street Tax Day Summit yesterday -- a two-hour virtual event focused exclusively on the tax policy issues facing small and individually- and family-owned businesses. Sen. Steve Daines (R-MT), one ...

(Read More)

A “Modest” Tax Hike? Not Even Close

April 13, 2021|

The Biden Administration’s sales pitch for their proposed business tax hikes goes something like this: Rates were too high prior to 2017 but Republicans overshot the mark and set them too low.  Democrats want to ...

(Read More)

S Corps for Everyone!

March 26, 2021|

As we previously mentioned, the Senate Budget Committee held a hearing yesterday to discuss various proposals to “make the wealthiest people and largest corporations pay their fair share of taxes.”  It was predictably dull and ...

(Read More)

Hit and Run Economics

March 24, 2021|

Just in time for tomorrow’s Senate Budget Hearing, a new NBER Working Paper – coauthored by Gabriel Zucman and entitled, “Tax Evasion at the Top of the Income Distribution: Theory and Evidence” – was released ...

(Read More)

199A Essential to Rate Parity

March 24, 2021|

Since the Tax Cuts and Jobs Act’s passage at the end of 2017, some have seized on the Section 199A deduction as a “loophole” that stacks the deck in favor of pass-through businesses. We’ve heard ...

(Read More)

Razorbacks Roll with SALT Parity

March 17, 2021|

We can’t predict victory for the University of Arkansas’s basketball team in March Madness (Seeded 3rd in the South) but the state’s pass-through business owners are already winners, as the state officially became the ninth ...

(Read More)

Income Inequality and S Corporations

March 8, 2021|

Whether they like it or not, S corporations and other pass-through businesses are at the heart of the income inequality debate that has been raging in economic circles for the past two decades. That’s because the ...

(Read More)

S-Corp Testifies on Michigan SALT Parity Legislation

March 4, 2021|

S Corporation Association President Brian Reardon testified this week – via Zoom – before the Michigan House of Representatives’ Tax Policy Committee. The subject of the hearing was H.B. 4288, which would permit electing pass-through ...

(Read More)

Main Street Supports 199A Permanence

February 26, 2021|

More than 80 business groups signed on to support legislation making permanent the 20-percent pass-through deduction (Section 199A). The bill was sponsored by Steve Daines (R-MT) in the Senate and Jason Smith (R-MO) and Henry ...

(Read More)

COVID Bill Signals Tax Hikes to Come

February 22, 2021|

With impeachment over, congressional Democrats are turning their attention to their $1.9 trillion coronavirus relief bill. House committees spent prior weeks marking up pieces of the bill, which will be consolidated into a single “reconciliation” ...

(Read More)

Business Community Rallies to Defend NOL Relief

February 5, 2021|

On February 2nd – Groundhog Day, appropriately enough – dozens of Senators and Representatives called on Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer to retroactively repeal the net operating loss (NOL) relief included ...

(Read More)

Bloomberg Is Wrong About Tax Rates

February 1, 2021|

Where does fairness lie? At a time when Main Street is struggling to stay open while Wall Street flies high, you might be surprised that Bloomberg thinks it’s private companies organized as S corporations ...

(Read More)

S-Corp Supports MN SALT Parity

January 26, 2021|

The Tax Committee of the Minnesota Senate held a hearing today to discuss legislation (S.F. 263) to restore the full SALT deduction for pass-through businesses. If adopted, Minnesota would become the eighth state to enact ...

(Read More)

New York Joins SALT Parity Effort

January 21, 2021|

The good news on SALT Parity keeps rolling in. Just days after California’s Governor signaled his support, New York Governor Andrew Cuomo followed suit and included our pass-through SALT Parity language in his 2022 fiscal ...

(Read More)

CA Governor’s Budget Includes SALT Parity

January 18, 2021|

More good news on the pass-through SALT Parity front: California Gavin Newsom has included our SALT Parity proposal in his budget proposal for 2021.   This news comes on the heels of IRS Notice 2020-75 that confirmed ...

(Read More)

Don’t Sell Out Main Street

December 17, 2020|

Congress is on the cusp of passing a truly bipartisan assistance package to help the families and employers through the last months (yeah vaccines!) of the COVID-19 pandemic.  As part of this package, the entire ...

(Read More)

PPP Tax Treatment on the Line

December 15, 2020|

With Congress poised to adopt a compromise COVID-19 package in the next week, a BIG outstanding issue is how loans forgiven under the Paycheck Protection Program (PPP) will be taxed.  It’s literally a $160 billion ...

(Read More)

The Washington Post is Wrong About PPP

December 2, 2020|

The Washington Post is reporting on yesterday’s court-ordered PPP loan data dump by the Small Business Administration.  In a rush to support a breathless income inequality headline, they forgot to report on the real purpose ...

(Read More)

S-Corp Protests PPP Loan Forgiveness Form

November 17, 2020|

The Paycheck Protection Program has been one of the Federal government’s most successful responses to the COVID-19 pandemic, but it’s effectiveness has been hamstrung from the outset by the SBA and Treasury Department. Today, the ...

(Read More)

Treasury Blesses SALT Parity Reform

November 10, 2020|

Huge news out of Treasury yesterday – the Department has blessed our SALT Parity reforms.  You can read the full Notice here.  As Law360 reports: BREAKING: Treasury To Say Pass-through SALT Workarounds OK State and ...

(Read More)

Stop the Surprise Small-Business Tax Increase

September 29, 2020|

An Op-ed by Christopher Smith, Executive Director of the Parity for Main Street Advisors coalition, ran this morning in the Morning Consult. The Payroll Protection Program enacted this past spring has helped millions of employers ...

(Read More)

Priorities for Reopening Main Street

August 31, 2020|

The Commerce Department last week revised its 2nd Quarter GDP estimates showing the economy shrunk by nearly one-third.  In a $22 trillion economy, that translates into nearly $2 trillion in lost wages, profits, retirement savings, ...

(Read More)

Senate Amendment Targets Private Businesses

June 28, 2020|

The Senate this week will debate an amendment to require private companies to annually report the personal information of their owners to the Financial Crimes Enforcement Network (FinCEN) at the Department of Treasury, or face ...

(Read More)

NOL-Loss Limitation Relief Support Building

June 23, 2020|

Advocates defending the CARES Act NOL-Loss Limitation relief had a busy week.  First, more than 75 national and local trade groups signed a letter in favor of keeping the relief intact.  The broad number of ...

(Read More)

More Business Community Support for COVID-19 Reforms

May 27, 2020|

The Main Street Employers coalition today endorsed legislation scheduled to voted on in the House of Representatives tomorrow.  The bill, the Paycheck Protection Program Flexibility Act, was introduced by Representatives Dean Phillips (D-MN) and Chip ...

(Read More)

HEROES Act Kicks Businesses When They Are Down

May 13, 2020|

House leadership released their HEROES Act yesterday with a plan to vote on it Friday.  The bill includes an eye-popping $3 trillion in assistance to families, businesses, non-profits, and governments. One item that stands alone ...

(Read More)

More on NOL and Loss Limitation Relief

April 24, 2020|

Allowing businesses to use losses to offset income earned in prior years is a longstanding anti-recession policy with solid bipartisan support.  It was adopted after the 9/11 terrorist attacks, after Hurricane Katrina, and again following ...

(Read More)

Main Street Support for Paycheck Protection Loans

April 15, 2020|

More than 200 national and state-based trade groups wrote to congressional leadership today calling on Congress to increase funding for Paycheck Protection Program (PPP) loans. That program was authorized by the CAREs Act last month ...

(Read More)

Washington Post Supports “Recession Bombs”

April 14, 2020|

Is the loss limitation relief in the CAREs Act an unwarranted giveaway, as claimed by the Washington Post this week?  That’s a big “N-O.”  As others have noted, this relief prevents the "recession bombs" of ...

(Read More)

Economic Solutions to COVID-19 Beginning to Emerge

March 20, 2020|

It appears Washington is coalescing around a set of policies to help families and businesses while the economy is effectively shut down.  California’s “stay home” order is illustrative of the challenge – how do businesses ...

(Read More)

Main Street Response to COVID-19

March 19, 2020|

Yesterday, over 100 business groups wrote to the Congress and the Administration requesting that the response to the economic crisis confronting us is on the same scale as steps being taken to respond to the ...

(Read More)

Coronavirus and Main Street

March 11, 2020|

How the coronavirus plays out in the public health sphere is anybody’s guess, but its current progress all but demands a response from Congress.  What might that look like?  Here’s what some of the experts ...

(Read More)

SALT Parity Update

March 6, 2020|

Lots of progress on the SALT Parity front to report! As readers know, S-Corp and the Parity for Main Street Employers coalition has advocated for the restoration of the federal SALT deduction to businesses organized ...

(Read More)

Brookings and Progressivity

February 5, 2020|

We interrupted our impeachment viewing last week for a Brookings Institute briefing exploring various ways the Congress could raise taxes. A book of revenue raising recommendations accompanying the briefing weighed in at a hefty 368 ...

(Read More)

Our Chairman’s Annual Letter

January 22, 2020|

Dear S-CORP Member: The S Corporation Association recently surveyed voters and asked them how much private companies and other taxpayers should pay in taxes every year? Almost without exception, the responses were consistent, reasonable and ...

(Read More)

Main Street Responds to House SALT Bill

December 11, 2019|

Yesterday, the Main Street Employers coalition sent a letter to House tax writers raising concerns with their plan to provide temporary relief from the SALT deduction cap by raising the top tax rate applied to ...

(Read More)

Long-Term Tax Policy Outlook

November 22, 2019|

Whoever claimed there’s not a “dime’s worth of difference” between the political parties clearly was not referring to American politics in 2020. For tax policy alone, the difference is in the trillions. On one hand, ...

(Read More)

S Corps and Income Inequality

October 31, 2019|

Much of today’s tax policy debate is premised on the notion that income inequality is bad and getting worse. Economists Piketty and Saez have published numerous papers making this case (here, and here), and Saez ...

(Read More)

EY on Tax Parity

October 24, 2019|

EY has published a new study commissioned by the S Corporation Association entitled “Large S Corporations and the Tax Cuts and Jobs Act: The economic footprint of the pass-through sector and the impact of the ...

(Read More)

Main Street Hill Briefing

October 17, 2019|

The Parity for Main Street Employers coalition and the S Corporation Association will host a Hill lunch briefing at noon on October 24th in the Kennedy Caucus Room (SR-325). The briefing is open to Hill ...

(Read More)

Grading the TCJA, Two Years Later

September 27, 2019|

The American Enterprise Institute has a new“Trump Tax Reform Blog” series on its website.  Over the next month, tax policy folks from both sides will weigh in on the reform and whether it’s working.  You ...

(Read More)

Perception v. Reality on Tax Rates

September 10, 2019|

Here’s a conundrum.  A recent poll revealed that 76 percent of Americans support increasing taxes on the “wealthy,” while sixty-one percent support the wealth tax proposed by Senator Elizabeth Warren, which is like an income ...

(Read More)

Failure of High Marginal Rates

September 3, 2019|

Earlier this year, the Congressional Budget Office produced a report reviewing tax rates on labor income since 1962 that includes some important lessons for tax policy folks. The first lesson is that nothing replaces a ...

(Read More)

Treasury on 199A Guardrails

August 27, 2019|

Remember this JCT chart from earlier this year?  It garnered lots of attention and called into question how the 199A pass-through deduction was structured.  If only 9 percent of all pass-through income was disqualified from ...

(Read More)

S-Corp Member Survey 2019

July 30, 2019|

S-Corp sent its members a new survey this Spring.  The goal was to follow up the survey we did just after tax reform was enacted to see how things had evolved.  Now that our members ...

(Read More)

The Myth of Corporate Decline

July 26, 2019|

The visual economist issued another great chart last month, this time showing the largest public companies by market cap. Our first reaction is, wait, Microsoft is number one?  When did that happen?  All the focus ...

(Read More)

Joe Biden’s S-Corp

July 11, 2019|

What is it about Presidential candidates and S corporations?  First John Edwards made the practice of abusing the S corporation structure infamous back in 2004.  Then we learned Newt Gingrich did the same thing when ...

(Read More)

Progress on S-Corp SALT Parity Efforts

June 25, 2019|

The House Select Revenue Subcommittee held a hearing today entitled “How Recent Limitations to the SALT Deduction Harm Communities, Schools, First Responders, and Housing Values.” Missing from the list are Main Street Employers, many of ...

(Read More)

S-Corp Comments on Section 4960 Excise Tax

May 29, 2019|

The S Corporation Association sent comments to the Department of Treasury today raising concerns that recent guidance it published has the potential to impose the new, Section 4960 excise tax onto private operating companies. The ...

(Read More)

Tax Foundation Needs to Fix Their Map

May 22, 2019|

The Tax Foundation has updated some of their data on pass-through businesses last week, including this nice map with state-by-state data on the percentage of jobs from pass-throughs, which is helpful.  As before, it shows ...

(Read More)

The Legal Case for Pass-Through SALT Parity

March 14, 2019|

Last week, Bloomberg published a report that got our attention.  Entitled, “IRS May Knock down New York, Connecticut SALT Workarounds,” the article says the IRS is “likely” to issue regulations that invalidate SALT workarounds. The ...

(Read More)

S-Corp Submits Comments Defending Manufacturers

February 26, 2019|

Today, the S Corporation Association submitted its formal comments to the IRS on the pending Section 163(j) rules.  Section 163(j) would impose the new, 30 percent cap on interest deductions as part of the Tax Cuts ...

(Read More)

199A Pass-Through Deduction Rules Finalized

January 30, 2019|

Treasury issued the final rules on 199A earlier this month.  You can read the rules and accompanying guidance here: 199A Final Rule Revenue Procedure 2019-11 Notice 2019-07 You can also read a terrific “how does ...

(Read More)

S-Corp Testifies on 199A

October 18, 2018|

Board Member and Advisory Committee Chair Tom Nichols represented S-Corp in Tuesday’s IRS hearing on Section 199A. Tom was one of 26 witnesses to testify.  As Tax Notes summarized: Thomas J. Nichols of Meissner, Tierney, ...

(Read More)

More Tax Reform Comments!

October 9, 2018|

Everything has its season, and for tax reform, this is the season of sending comments to Treasury.  This week, the S Corporation Association submitted comments on Treasury’s proposed rules implementing the so-called “toll charge” repatriation ...

(Read More)

S-Corp Comments on Proposed 199A Rules

October 1, 2018|

The S Corporation Association today submitted comments on Treasury’s proposed rules implementing the new, 20-percent pass-through deduction. S-Corp readers know the 20-percent deduction was designed to preserve rate parity between pass-through businesses and the new, ...

(Read More)

Proposed 199A Rules Released

August 8, 2018|

It’s not late Friday afternoon, so why is Treasury releasing important new rules on the pass-through deduction?  We’re not sure, but we like it! The rules themselves look pretty good too, and our members’ initial ...

(Read More)

Pass-Through Parity Briefing

August 2, 2018|

The S Corporation Association participated in a Hill briefing Tuesday highlighting new work for Ernst & Young on the challenge of establishing parity for pass-through taxation. The analysis, authored by Robert Carroll of EY, focused ...

(Read More)

S-Corp’s New York SALT Comments

July 11, 2018|

Today the S Corporation Association submitted comments to the New York Department Taxation and Finance on their proposed SALT fix for partnerships. Following hard on the heels of the new Connecticut SALT fix, New York ...

(Read More)

Tax Breaks for Job Creators

June 28, 2018|

Center for Budget and Policy Priorities (CBPP) got itself into a lather the other day noting that the new, 20-percent deduction for pass-through businesses will reduce revenues by twice what the federal government spends on ...

(Read More)

More Debate over SALT

May 29, 2018|

The same week our Parity for Main Street Employers group released its model pass-through SALT reform bill, critics of state SALT fixes fired a couple salvos that are worth noting.  First, the IRS announced it ...

(Read More)

Senate Reviews Tax Bill

April 25, 2018|

Yesterday’s Finance Committee hearing on the tax bill was interesting, if only to remind viewers that it’s way too early to pass final judgement on the tax overhaul.  Not that several Committee members didn’t try. ...

(Read More)

Making States More Main Street Business Friendly

March 27, 2018|

(For clarity purposes, this write-up focuses on S corporations.  The arguments and policy conclusions largely apply to partnerships as well.) Like C corporations, S corporations are subject to state and local income taxes imposed on ...

(Read More)

S Corporation Association Member Survey

February 27, 2018|

2018 will be a pivotal year for Main Street businesses and the trade groups that represent them.  The 20-percent pass-through deduction is helpful to those businesses that qualify, but it’s availability is limited by income, ...

(Read More)

Tax Reform Overview

February 7, 2018|

From the corporate perspective, the early returns on the new tax bill are promising.  The markets certainly like the lower corporate tax rate and dozens of public companies have announced tax-cut related investments, wage hikes, ...

(Read More)

Our Chairman’s 2018 New Year Message

January 12, 2018|

Dear S-CORP Member: Well that was a roller coaster ride.  In just ten weeks, Congress went from being nowhere on tax reform to seeing a massive rewrite of the Tax Code enacted into law.  It ...

(Read More)

S-Corp Thanks its Champions

December 20, 2017|

With tax reform passing the Congress in the next few hours, S-Corp sent a note of thanks to those members of the Senate – Johnson, Daines and Inhofe – who stood up for Main Street ...

(Read More)

S-Corp Comments to Tax Reform Conferees

December 4, 2017|

General:  Neither the House nor the Senate bills live up to the promise of the 25-percent pass-through rate proposed in the Framework.  The Senate bill doesn’t even have a pass-through rate.  Pass-through businesses employ the ...

(Read More)

Pass-Through Community Letter to Finance Committee

November 28, 2017|

Yesterday 42 Main Street trade groups, including the National Beer Wholesalers Association, the Independent Community Bankers of America, the Associated Builders and Contractors, and the S Corporation Association sent a letter to Chairman Hatch calling ...

(Read More)

Flaws in the Tax Foundation’s Review

November 20, 2017|

The Tax Foundation is out with a new write-up called, “Are Pass-Through Businesses Treated Fairly Under the Senate Version of the Tax Cuts and Jobs Act?” that has a chart showing the top rate applying ...

(Read More)

S-Corp Concerns with Senate Tax Reform Bill

November 11, 2017|

Top Line The Framework and rhetoric leading up to its release indicated that Senate Leadership and the Finance Committee were committed to treating the millions of companies organized as pass-through businesses fairly in relation to ...

(Read More)

House Tax Reform and S Corps, Part II

November 9, 2017|

The Ways and Means Committee is likely to wrap its tax reform markup today.  The bill presents many challenges to pass-through businesses that are unlikely to be fixed today.  Here are some quick hits on ...

(Read More)

House Bill & S Corps

November 6, 2017|

The House tax reform bill to be considered this week has a headline top rate of 25 percent for S corporations and other pass-through businesses, but in many cases the real rate is significantly higher.  ...

(Read More)

S-CORP Response to H.R. 1

November 2, 2017|

WASHINGTON, D.C. – S-CORP has been a vocal supporter of the House Republican Blueprint and the unified tax reform framework.  We have serious concerns though about the pass-through provisions in the tax reform draft released ...

(Read More)

Can Main Street Businesses Just Convert? No!

October 26, 2017|

Nor Should They.  Here’s Why.  If tax reform results in a top C corporation rate that is far below the top rate offered to pass through businesses, couldn’t pass-through businesses just switch to C status ...

(Read More)

Pass Through Fallacy and Responses

October 18, 2017|

Marty Sullivan has an interesting post in Forbes this week on the pass through rate challenge, arguing that S corporation shareholders who don’t want to see their taxes go up are being greedy.  He says: ...

(Read More)

Treasury Pulls Harmful 2704 Rules

October 4, 2017|

It’s official – the Treasury Department today released a new report announcing they will withdraw the family business valuation rules that had threatened the family business community for more than a year!  Today’s announcement is ...

(Read More)

Framework Hits Key Notes

September 27, 2017|

The Big Six released their “framework” today and it’s pretty good.  You can read all eight pages here, but key provisions for Main Street businesses include: A new, lower pass through tax rate of 25 ...

(Read More)

Pass Through Tax Rates and the 70/30 Rule

September 25, 2017|

Axios reported over the weekend that the tax plan to be rolled out by the “Big Six” Wednesday will call for a 35 percent top rate for individuals, 25 percent for pass through businesses, and ...

(Read More)

Tax Reform Plan Forthcoming

September 15, 2017|

After months of meetings, the so-called Big Six are preparing to release some sort of summary of their work the weekend of the 23rd.  The Ways & Means Republicans have a retreat that weekend, and ...

(Read More)

S-Corp Comments on 2704

August 14, 2017|

Monday was the close of the comment period for Treasury Notice 2017-38, and the S Corporation Association joined several other trade groups in submitting our final comments on the pending Section 2704 rules, including our study highlighting ...

(Read More)

Tax Reform Statement & Pass Through Taxes

August 1, 2017|

Just in time for the August recess, the House, Senate and the White House released a joint statement yesterday on the status of their tax reform talks and their plans moving forward.  You can read ...

(Read More)

S-Corp Submits Comments

July 17, 2017|

The S Corporation Association submitted the following comments to the Senate Finance Committee today as part of the Committee’s request for input: The United States is unique among developed countries in the emphasis it places ...

(Read More)

S-Corp Testifies

June 15, 2017|

S-Corp President Brian Reardon testified yesterday before the Senate Small Business Committee in a hearing entitled “Tax Reform: Removing Barriers to Small Business Growth.”  As Inside Sources reported: The hearing primarily focused on ensuring small ...

(Read More)

Pass Thru Rates & Enforcement

June 6, 2017|

As Congress returns to tackle tax reform, one area of consensus continues to be ensuring that Main Street is treated fairly by establishing a new, low top rate on pass through businesses.  But separating business ...

(Read More)

Ways & Means Takes on Tax Reform

May 19, 2017|

The House Ways and Means Committee began its focus on tax reform yesterday with a hearing on economic growth.  The hearing, entitled “How Tax Reform Will Grow Our Economy and Create Jobs” featured four company ...

(Read More)

2704 and Family Businesses

May 9, 2017|

Remember the Obama Administration’s family-business valuation rules?  They were proposed back in August and resulted in such a backlash from the family business community that Treasury received nearly 29,000 comments during the 90-day comment period.  ...

(Read More)

Trump To Weigh In On Taxes

April 25, 2017|

So what do we know about the Administration’s tax announcement scheduled for tomorrow?  First, we expect the announcement will be limited to principles and a couple key proposals – not a full blown tax reform ...

(Read More)

Business Community Support for S Corp Mod

April 6, 2017|

As we reported last week, a bipartisan group of tax writers in the House and Senate have introduced this year’s version of the S Corporation Modernization Act.  The bills (H.R. 1696 & S. 711) are ...

(Read More)

S Corp Mod Bills Introduced!

March 24, 2017|

Good news! The 2017 version of the “S Corporation Modernization Act” has been introduced the House and the Senate.  Led by Senators Thune (R-SD) and Cardin (D-MD) and Representatives Reichert (R-WA) and Kind (D-WI), the ...

(Read More)

Brady Plan and Pass Throughs

March 17, 2017|

The Wall Street Journal featured S-Corp Board member Clarene Law last week in a story focused on the new tax rates for pass through businesses in the House tax reform plan.  As the story notes: ...

(Read More)

The Tax Foundation Gets it Right (Sort Of)

January 26, 2017|

The Tax Foundation published its annual piece on pass through businesses this week, and as usual, there’s lots of great material in there.  To begin, the Foundation updates its numbers on pass through employment and ...

(Read More)

S-CORP Testifies at IRS

December 1, 2016|

Last month’s elections so dramatically changed the outlook for tax policy in 2017 that we’re still trying to catch up.  The outlook for the proposed 2704 regulations in particular has done an about-face, going from ...

(Read More)

Tax Reform Front and Center

November 18, 2016|

Last week’s election changed everything in the tax world, from who’s running Treasury to the prospects for tax reform.  We’re still trying to get our heads around all the implications, but the short summary is ...

(Read More)

2704 Comment Period Closes Big

November 3, 2016|

The official comment period on the proposed Section 2704 regulations closed yesterday, with nearly 10,000 comments filed!  You can review those comments here, but a cursory review this morning made clear they were nearly unanimous ...

(Read More)

S-Corp Submits Valuation Comments

October 18, 2016|

Yesterday, the S Corporation Association submitted its formal comments to the IRS on the pending Section 2704 valuation rules.  You can read all 15 pages of comments here, but the basic message of the submission ...

(Read More)

S Corps Exempted from 385 Rules

October 14, 2016|

Here’s a bit of good news for the S corporation community – Treasury has exempted them from the newly published rules under Section 385. This is a huge relief to the S corporation community.  The ...

(Read More)

Latest on 385

October 5, 2016|

It looks like the IRS and Treasury have made their revisions to the proposed 385 regulations and are just waiting for sign-off from the White House.  According to our friends at Politico: Tax lawyers just ...

(Read More)

Business Community Rallies

September 30, 2016|

Thousands of family businesses signed a letter this week calling on the Department of the Treasury to withdraw proposed regulations that target family businesses for sharply higher gift and estate taxes. Getting that many private ...

(Read More)

Response to Valuation Rules Continues

September 23, 2016|

The Main Street Employers coalition sent a letter to congressional tax writers yesterday opposing the proposed rules on estate valuations and calling on Congress to weigh in with Treasury on the issue.  From Politico: The ...

(Read More)

Business Community Responds to Valuation Rules

September 16, 2016|

Business Valuation Wire reports there has been a sharp spike in the number of families asking valuation professionals to analyze what the newly proposed rules out of Treasury mean to their business succession plans: Valuation ...

(Read More)

More on the Valuation Rules

August 30, 2016|

The August recess has given the S-Corp team a little more time to review the pending valuations rules out of Treasury.  Recall that 23 years after the IRS surrendered and stopped using their flawed “family ...

(Read More)

Pass Through Loopholes? 

August 15, 2016|

The pass through mantra, supported by more than 100 national business trade groups, is simple – tax business income once, tax it when its earned, tax it at the same reasonable top rate, and then ...

(Read More)

Treasury Hits Family Businesses!

August 9, 2016|

The verdict is in, and Treasury’s proposed rules on estate tax valuations of family-owned businesses are broad – very broad indeed. They are, simply put, a direct assault on America’s family-owned businesses. Here’s the take ...

(Read More)

S-Corp Mod Bills Introduced! 

July 14, 2016|

Good news on a hot day in July!  The 2016 version of the “S Corporation Modernization Act” has been introduced the House and the Senate.  Led by Senators Thune (R-SD) and Cardin (D-MD) and Representatives ...

(Read More)

S-Corp Submits 385 Comments

July 7, 2016|

The debate over Section 385 continues.  The comment period ends today, and we sent in our comment letter along with the rest of the business community. As we noted in our submission, the 385 regulations ...

(Read More)

House Tax Blueprint

June 28, 2016|

You have to feel for the House tax writers.  They spent months putting together a plan to reform the tax code and now all anybody wants to talk about is Brexit and Section 385.  That’s ...

(Read More)

More on 385

June 23, 2016|

S-Corp continues its efforts to educate policymakers about the pending Section 385 rules and the harm they will cause to domestic employers and American jobs starting…well, now. That’s the dirty little secret about the 385 ...

(Read More)

S-Corp on Section 385

May 25, 2016|

The S Corporation Association has sent a letter to the two congressional tax committees asking them to support efforts to pull Treasury’s proposed section 385 regulations released back on April 4th.  The comment period for ...

(Read More)

Treasury’s Section 385 Regs and S Corps

May 11, 2016|

The business community is beginning to recognize that Treasury’s new Section 385 regulations published on April 4th have a much broader reach than anybody thought.  S corporations in particular need to pay attention. How broad ...

(Read More)

Rate Parity Bill Introduced!

April 29, 2016|

For five years, the S Corporation Association and its allies have asked tax writers to pursue business tax reform that taxes all business income just once and at the same, reasonable top rates.  That’s the ...

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More on Corporate Integration

April 25, 2016|

Lots of chatter on corporate tax reform last week.  First, Finance Committee Chair Orrin Hatch gave a speech on the Senate floor making clear that only comprehensive changes to our tax code would help to ...

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New Name, Same Mission

March 22, 2016|

It’s a new year, so we’ve rolled out the latest version of our pass-through business principles.  As in previous years, the letter hits on the three key elements necessary for any successful tax reform plan ...

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S-Corp in WSJ

March 1, 2016|

S-Corp President Brian Reardon and Advisory Committee Chair Tom Nichols made the pass-through tax reform case in the pages of the Wall Street Journal on Friday. The core message of the piece is that businesses ...

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More on the Administration’s Budget

February 19, 2016|

We weren’t the only ones who noticed the President’s budget for 2017 is bad for Main Street Employers.  Numerous outlets ran stories (CQ, Bloomberg, and Morningstar) focusing on the negative impact the President’s tax proposals ...

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Administration Budget

February 9, 2016|

The President’s budget is out and, as usual, it includes a number of retread proposals to hike taxes on pass-through businesses, including the Buffett Tax and a big hike in the capital gains tax.  We’ve ...

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Permanent Built-In Gains in Extender Package

December 16, 2015|

Negotiators agreed to a package of tax and a package of spending provisions last night, and the big news (pun intended) is that the 5-year recognition period for built-in gains (BIG) – something S-Corp has ...

(Read More)

S-CORP Testifies

December 4, 2015| Ahead of the extender deadline, S-Corp was on the Hill testifying yesterday that Congress needs to act to end the extender roller coaster and make permanent these provisions, including the built-in gains ...

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Extenders – The Post-Thanksgiving Update

December 2, 2015|

Lots of noise on the extender front, but is there progress being made?  Hard to tell.  Last week, a list of potential items made the rounds that would have made some provisions permanent, some extended ...

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Legislative Update: The Pre-Thanksgiving Edition

November 18, 2015|

We’re tracking two key tax items at the moment – tax extenders and international reform.  Here’s our outlook for both. For extenders, Congress has once again ignored the needs of American businesses by delaying adoption ...

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Brady Elected Chairman of Ways and Means

November 6, 2015|

On Wednesday, the Republican Steering Committee tapped Rep. Kevin Brady (R-TX) to succeed Speaker Ryan as the committee’s chairman. Both he and his challenger, Rep. Pat Tiberi (R-OH), are strong allies of S corporations and ...

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What’s On Deck for the Rest of 2015

November 2, 2015|

Speaker Boehner had a three step plan at the beginning of October: 1) Resign at the end of the month; 2) Clear the legislative decks of controversial and difficult items; 3) Turn the gavel over ...

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Legislative Update

October 27, 2015|

It’s been a busy week.  First, Ways & Means Chair Paul Ryan yielded to a tremendous amount of peer pressure and agreed to run for Speaker.  The Republican Conference vote to replace departing Speaker John ...

(Read More)

S-CORP News Clips

October 19, 2015|

Small Business Confidence Survey You’ll remember back in June we profiled three small business surveys from NFIB, Wells Fargo/Gallup, and Thumbtack. Together, these surveys, with different sample populations and varying methods, provide the most complete ...

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Legislative Update and Treasury’s Effective Rate Study

October 2, 2015|

Legislative Outlook, Post-Boehner Announcement Speaker Boehner’s announcement that he plans to retire at the end of October has implications for tax policy and next year’s spending levels.  Here’s our outlook for both. International Tax Reform:  ...

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S-Corp Comments on Innovation Box

September 10, 2015|

The S Corporation Association submitted comments today to Ways and Means Committee Members Rep. Charles Boustany (R-LA) and Rep. Richard Neal (D-MA), sponsors of the draft “Innovation Promotion Act of 2015.” As you’ll recall, the ...

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Innovative Pass Thrus and an Update on Valuations

August 21, 2015|

Innovative Pass Thrus Last month’s release of the “innovation box” proposal by Ways and Means Committee Members Rep. Charles Boustany (R-LA) and Rep. Richard Neal (D-MA) started us thinking, “Exactly how much innovating do S ...

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Recap of a Busy Week in Tax Policy

July 31, 2015|

Patent/Innovation Box Rep. Charles Boustany (R-LA) and Rep. Richard Neal (D-MA) unveiled their proposed “innovation box” legislation aimed at keeping intellectual property registered in the United States. The bill would lower the rate on qualified ...

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Highway Funding and Tax Extenders Update

July 24, 2015|

Highway Debate Continues Last week, we reported on the House’s adoption of a highway trust fund (HTF) extension through December. This extension is the first step of Chairman Paul Ryan’s plan to combine a longer ...

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Senate Finance Working Groups Release Reports

July 10, 2015|

The Senate Finance Working Groups reports are done and publicly available!  Many congrats to the Committee members and their staff for continuing the progress on tax reform.  You can check out the reports here.  The ...

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S Corp News Clips

June 26, 2015|

More on Tax Reform We've previously commented on Chairman Paul Ryan's desire to do as much as he can this Congress to lay the groundwork for comprehensive tax reform in 2017. Now, in the Wall Street ...

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S Corp Modernization Introduced!

June 17, 2015|

Just in time for our annual Board meeting, S-Corp Champions Dave Reichert (R-WA) and Ron Kind (D-WI) introduced legislation to improve the rules governing S corporations!  Entitled the S Corporation Modernization Act of 2015 (HR ...

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S Corp News Clips

June 12, 2015|

Family Business Valuation under Attack? In a development that could harm valuations of S corporations and other family-owned businesses, the Treasury Department appears poised to issue guidance limiting discounts under section 2704. Such action has ...

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Courts Overvalue S Corps

May 14, 2015|

For over 15 years, the IRS has discriminated against S Corporations when it comes to estate taxes and other matters where business valuation plays a role and, for 15 years, S Corp has been fighting ...

(Read More)

Big Week for S-Corp

April 20, 2015|

It's been a busy and productive week for team S-Corp!  First, we had two S-Corp representatives testifying before congressional committees on Wednesday. Second, with the Finance Committee working group comments due on April 15th, we ...

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Kleinbard on Tax Reform

March 6, 2015|

Edward Kleinbard, the former Director of the Congressional Budget Office, has a piece in Bloomberg on the prospects of corporate tax reform that makes some interesting points worth considering. To start, he argues that Congress ...

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House Passes S-Corp Reforms!

February 19, 2015|

Last week was a good one for S corporations!  On Friday, the House voted 272 to 142 to adopt long-time S corporation Association priorities – the built-in gains tax relief and the charitable contribution basis ...

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S Corp Provisions on House Floor

February 3, 2015|

Last Friday, longtime S-CORP allies Rep. Dave Reichert (R-WA) and Rep. Ron Kind (D-WI) introduced two pieces of legislation – H.R. 629 and H.R. 630 – to extend tax provisions critical to America’s 4.6 million ...

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Mark to Market for Dead People

February 2, 2015|

The President’s budget is out and, as we have in the past, we will start with a disclaimer.  Congress requires the President to issue a budget every year, and every year the President (regardless of ...

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A Tale of Two Speeches

January 26, 2015|

The president gave his State of the Union speech last Tuesday, while his Secretary of Treasury spoke to the Brookings Institution the following morning.  The president didn’t mention tax reform, whereas Lew devoted nearly his ...

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Tax Foundation on Pass-Through Businesses

January 21, 2015|

The Tax Foundation today released a great paper outlining the state of American pass-through businesses – S corps, partnerships, and sole props – and how the tax code currently treats those companies.  According to the ...

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Extenders Clear the Senate

December 17, 2014|

Although it’s not ideal and expires in just two weeks, we are glad to report that the tax extenders bill finally passed in the Senate last night by a 76-16 vote and is on its ...

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Extenders Update

November 26, 2014|

The tax extenders front has been busy in the last couple days.  First, there was the rumor Monday that negotiators were close to a deal.  Tuesday, details emerged of a $450 billion package mixing ten ...

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Extenders and Immigration

November 19, 2014|

Last week, we did a post-election analysis that highlighted the broad implications of the new Republican Congress. A return to "regular order" and increased legislative activity overall, including in the tax space, was our basic ...

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S-CORP Hosts 2014 Midterm Elections Webinar

November 6, 2014|

On Thursday, November 6th, the S Corporation Association held a webinar to go over the 2014 midterm elections results and sort out the implications they'll have on legislation and S-CORP's priorities going forward. To watch ...

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S Corporations Hit by Tax Hikes

October 20, 2014|

Our friends at McGladrey LLP have a new survey out of mid-market firms showing just how hard those companies have been hit by the tax rate hikes championed by President Obama and his allies in ...

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Lew Punts on Tax Reform, Inversions

September 8, 2014|

Secretary Lew gave his tax reform speech this morning.  It lasted maybe 10 minutes and he didn’t take questions afterwards.  Given the buzz the speech’s announcement created on Wall Street and in tax policy circles, ...

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Inversions and Tax Reform

July 17, 2014|

Yesterday’s letter from Treasury Secretary Jack Lew on inversions is just the latest headline on an issue that has dominated the tax discussion ever since Pfizer proposed to merge with AstraZeneca back in May.  As ...

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House Passes S-Corp Reforms!

June 12, 2014|

It’s a big day for S corporations!  Earlier today, the House voted to adopt HR 4453, the S Corporation Permanent Relief Act of 2014, by a count of 263 to 155. The bill, sponsored by ...

(Read More)

BIG Tax Relief on House Floor

June 10, 2014|

It’s a big week for S corporations!  The House is scheduled to vote on several small business tax items, including permanently higher section 179 expensing limits and S corporation modernization legislation too! The S corporation ...

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Thune Files S-CORP Amendment

May 15, 2014|

More good news on the tax front.  Senator John Thune (R-SD) has filed an amendment making permanent two key S corporation reforms.  Joined by Senators Ben Cardin (D-MD) and Pat Roberts (R-KS), the Thune amendment ...

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Ways & Means Votes for Permanent BIG Relief!

April 29, 2014|

Earlier today, the House Ways and Means Committee voted out a number of business-friendly tax provisions, including two S corporation reforms introduced by Reps. Dave Reichert (R-WA) and Ron Kind (D-WI). You can click here ...

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Extenders in Play

April 25, 2014|

Tax extenders have gone from the back bench to a starring role in recent weeks. The latest news is that the Ways and Means Committee will hold a markup next Tuesday where they will consider ...

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S-CORP Testifies on Built In Gains

April 10, 2014|

Long-time S Corporation Association advisor Jim Redpath testified Tuesday before the Ways and Means Committee in support, among other items, of making permanent the 5-year recognition period for built in gains. The hearing focused on ...

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Moving on Extenders

March 28, 2014|

Extenders are back in play in the House and Senate.  Finance Chairman Ron Wyden (D-OR) plans to release his package Monday, with amendments due on Tuesday and markup to begin on Wednesday. Details of the ...

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S-Corp Payroll Tax Hike Re-Emerges

March 6, 2014|

Both the Camp discussion draft and the President’s budget include provisions to expand the application of payroll taxes to S corporation income. The White House proposal is an expanded version of efforts that failed in ...

(Read More)

S-CORP Testifies on Nexus Issues

February 28, 2014|

The House Judiciary Committee held a hearing Wednesday on the Business Activity Tax Simplification Act of 2013 (H.R. 2992), a bill that seeks to rationalize the current maze of state and local practices when it ...

(Read More)

Camp Draft Released

February 27, 2014|

Ways and Means Chairman Dave Camp (R-MI) released his long-awaited tax plan yesterday.  The Chairman has worked hard to put out a plan that addresses the biggest challenges faced by the tax code, and he ...

(Read More)

S-CORP on the Air

February 24, 2014|

February 21, 2014 Earlier this week, S-Corp Executive Director Brian Reardon took to the airwaves to talk all things S-Corp with radio host Mark Kohler. Kohler hosts a weekly program devoted to tax issues that ...

(Read More)

New Finance Committee Chair

February 24, 2014|

February 14, 2014 Senator Ron Wyden (D-OR) took the helm of the Finance Committee this week.  What does this mean for tax policy?  Here’s what the press has to say: The Hill tells us he ...

(Read More)

CBO Gets Effective Rate Wrong

February 24, 2014|

February 6, 2014 The tax reform effort may face significant headwinds, but the debate over who pays what continues, with the business community doing a good job of articulating just how much they pay in ...

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Entitlement Death Spiral

February 24, 2014|

February 5, 2014 Yesterday’s CBO report has started a firestorm here in DC, with most of it focused on the portion that says Obamacare will result in 2 million fewer workers by the year 2017.  ...

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SOTU Commentary and Response

February 24, 2014|

January 29, 2014 While the President’s State of the Union address last night covered a range of topics, it did little to move the needle on tax reform. The full transcript of the speech can ...

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S-Corp Comments to Senate Finance

February 24, 2014|

January 17, 2014 Senator Baucus is headed to China but his discussion drafts remain, as does the January 17th deadline for commenting on them. So earlier today, the S Corporation Association submitted comments in response ...

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Letter from Chairman Simmons

January 10, 2014|

Dear S-CORP Member: As the President of a multi-generation family business, the question Ibm often asked is bWhy has the McIlhenny Company stayed private all these years?bB Why, indeed. We do face limitations as a ...

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Senate Finance Committee Shakeup

December 20, 2013|

Yesterday we got word that Senate Finance Committee Chairman Max Baucus is headed to Beijing to serve as the next Ambassador to China. For tax policy, the move changes our outlook in the following ways. ...

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Tax Reform Rehash

December 12, 2013|

The release of Finance Committee tax reform discussion drafts on cost recovery and international tax have laid bare a reality that's been hiding just below the surface for two years now the visions for reform ...

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S Corp Payroll Tax Hike Resurfaces

November 14, 2013|

Last week, Senate Democrats released a paper highlighting a dozen tax increases they would like to use to offset spending cuts in the current budget negotiations. As Politico reported: Tax expenditures topping the list include ...

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Budget & Tax Policy Outlook

October 31, 2013|

The agreement earlier this month between Senators Reid and McConnell reopened the government for a few months, but it failed to resolve any of the issues that precipitated the shutdown in the first place.B Therebs ...

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Forbes on Pass Through Businesses

October 16, 2013|

Marty Sullivan always writes interesting and provocative pieces on tax policy, so when we saw his recent piece in Forbes on tax reform Should Small Business Have Veto Power Over Corporate Tax Reform, we read ...

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The Importance of Pass Throughs

September 10, 2013|

Put on your "must read" list a new paper from our friends at the Tax Foundation highlighting the importance of pass-through businesses to jobs and employment. It's the best written and most comprehensive summary of ...

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S-Corp Study in the News

August 8, 2013|

Since its release yesterday, the effective tax rate study put out by S-Corp and the National Federation for Independent Business has been getting traction both on the Hill and in the media. The study shows ...

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Finance Committee ”Blank Slate” Letter

June 28, 2013|

Yesterday, Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch ruined the July 4th vacation plans of every tax lobbyist in town with they laid out their new "blank slate" approach to tax ...

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Pass-Through Reform Issues

June 21, 2013|

A couple of recent publications have highlighted the negative consequences of "corporate-only" tax reform, including a paper put out by Grant Thornton last month that focused on the challenges faced by businesses structured as S ...

(Read More)

S-CORP Testifies

May 29, 2013|

S corporation tax policy took center stage on the Hill earlier this month. Carrying the S-CORP flag before the House Ways and Means Select Revenue Subcommittee was Tom Nichols, the Chairman of S-CORP's Board of ...

(Read More)

More Support for S Corp Modernization!

April 17, 2013|

More groups are coming out in support for the provisions contained in H.R. 892, the S Corporation Modernization Act of 2013, sponsored by S-Corp champions Representatives Reichert (R-WA) and Kind (D-WI). As you recall, S ...

(Read More)

Ways & Means Draft Strengthens S Corps

March 12, 2013|

The Ways & Means Committee today released another in a series of "discussion drafts" outlining their plans for tax reform. This latest draft focuses on how to tax pass-through businesses -- those businesses organized as ...

(Read More)

S-CORP Opposes Senate Sequestration Bill

February 28, 2013|

The Senate is voting today on legislation to swap the sequester spending cuts with a package evenly divided between other spending cuts and targeted tax hikes. The core tax hike in this package is our ...

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Big Picture on Pass-Through Taxation

February 14, 2013|

Our expectation for 2013 is continued guerrilla warfare on specific tax hike proposals coupled with the looming threat of larger tax hikes when Congress next addresses the debt limit. Add in the determination of both ...

(Read More)

Tax Outlook

February 5, 2013|

The conventional wisdom in the press is that the agreement on the fiscal cliff killed tax reform. By making permanent so many tax policies -- including the AMT treatment and estate tax rules -- the ...

(Read More)

Built-In Gains Relief in Fiscal Cliff Deal

January 3, 2013|

Happy New Year everyone! As everyone knows, the President signed into law H.R. 8, the so-called mini deal addressing the fiscal cliff yesterday. The agreement was the result of negotiations between Vice President Biden and ...

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S-Corp Supports Plan B

December 20, 2012|

Text of the letter we sent to Speaker Boehner earlier today: Dear Speaker: The S Corporation Association would like to thank you for all your work over the past two years to protect closely-held businesses ...

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S Corp Meets with House Leadership

December 6, 2012|

S Corporation Association Board Member Dan McGregor participated in a small business roundtable with House Republican leadership yesterday as part of our ongoing effort to educate policymakers on the important role pass-through businesses, and particularly ...

(Read More)

Pass-Through Coalition Weighs In on Fiscal Cliff

November 28, 2012|

The S Corporation Association joined with more than 40 other organizations in a letter to Congressional leadership calling for action on to pursue comprehensive tax reform that lowers rates on all forms of business income ...

(Read More)

Fiscal (Slope) Cliff Forecast

November 5, 2012|

While everyone in Washington waits for Tuesday's election results, this story in The Hill caught our eye: "Fiscal cliff already weighing on economy." According to the story: While the expiring tax cuts and automatic spending ...

(Read More)

S Corporations Featured in Presidential Debate

October 5, 2012|

This week's Presidential debate featured both of our recent S-Corp studies -- the first highlighting how many Americans work for pass-through businesses, and the second making clear that the pending higher tax rates will result ...

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Tax Outlook

September 4, 2012|

With the Republican convention behind us and the Democratic one this week, we thought it would be worthwhile to assess what the business community can expect on taxes in the next six months. We break ...

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Rate Debate Update

August 1, 2012|

The rate debate continues. Last week, the Senate failed to extend all the current tax rates and policies by a vote of 45-54. Two Republicans voted against the measure because of a refundable credit issue ...

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Rate Debate Begins

July 24, 2012|

Majority Leader Harry this week filed a motion to proceed to the Senate Democratic bill (S 3414) to extend the Bush tax cuts for all taxpayers except the top two brackets. A procedural vote is ...

(Read More)

New S-CORP Study in the News

July 18, 2012|

As our Washington Wire readers know, S-CORP released an important study on Tuesday by Bob Carroll and Gerald Prante from Ernst & Young. The new study focuses on the rate debate in Congress and its ...

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New Ernst & Young Study on Top Rates

July 17, 2012|

oday, the S Corporation Association released a new study by Ernst & Young focused on the rate debate in Congress and its impact on job creation and business investment. According to the study, allowing the ...

(Read More)

BIG Update

July 12, 2012|

It's been an active week for supporters of an extension of built-in gains (BIG) tax relief. First, Sens. Olympia Snowe (R-ME) and Mary Landrieu (D-LA) worked to find another way to highlight an extension of ...

(Read More)

President Targets S Corps

July 10, 2012|

President Obama announced yesterday his continued support for raising tax rates on Americans earning more than $250,000 ($200,000 for single filers). As the Wall Street Journal reported today, these policies would hit a large number ...

(Read More)

The Supremes and S Corps

June 28, 2012|

The Supreme Court upheld the constitutionality of the individual mandate today. For health care agencies, providers, insurance companies, and states that means they have 18 months to rework their entire health care system, including creating ...

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S Corps More Efficient

June 26, 2012|

We have long argued that the American economy benefits from allowing entrepreneurs multiple business forms from which to choose. Each business has its own unique capital, management, governance, and transition challenges, and allowing those businesses ...

(Read More)

Cliff Notes II

June 20, 2012|

With less than 200 days left before Washington leads the economy over the fiscal cliff, the Joint Committee on Taxation (JCT) has offered up more evidence that Congress needs to act to extend the current ...

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Cliff Notes

June 19, 2012|

House leadership has made clear they will take up legislation to extend the current tax rates and other policies through 2013, combined with expedited procedures for tax reform to be enacted in 2013. This one-two ...

(Read More)

BIG (Built-In Gains) Day, Continued

May 22, 2012|

Building on the oral testimony of Congressman Dave Reichert (R-WA) at the member's hearing on tax extenders held by the Ways and Means Revenues subcommittee, Congressman Ron Kind (D-WI) also weighed in to support extending ...

(Read More)

Game On!

May 17, 2012|

This morning, Ways and Means Committee Chairman Dave Camp announced that the House would act this fall, prior to the November elections, to extend current tax rates while outlining a process whereby the Committee would ...

(Read More)

Senate Defeats S-Corp Tax Hike

May 8, 2012|

Good news for job creators! The Senate just voted against moving forward on legislation that would increase taxes on S corporations by $9 billion. The legislation was opposed by a broad coalition of business groups, ...

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BIG (Built-In Gains) Day

May 1, 2012|

The Ways and Means Committee Subcommittee on Select Revenue Measures heard from Members last week on the tax extenders they care most about. Given the relative dearth of legislative opportunities this year, there was lots ...

(Read More)

S-Corp Payroll Taxes on the Table (Again)

April 24, 2012|

The S-Corp payroll tax issue is back in play. According to the Associated Press and others, Senate Democrats are planning to raise taxes on S corporation shareholders by $6 billion to offset the cost of ...

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Keeping Rates the Same

April 10, 2012|

It's Easter recess here in D.C. and we've had a chance to catch up on our reading. Topping the stack was Marty Sullivan's Tax Notes piece from March 26th. It's a rebuttal to our tax ...

(Read More)

The Ryan Budget & Taxes

March 21, 2012|

The budget introduced in the House today calls for a couple broad items on the tax front. First, it calls for extending all the tax provisions set to expire January 1st. That's the rate cliff ...

(Read More)

Tiberi Introduces Bonus Depreciation Bill

March 16, 2012|

This week Ways and Means Member Pat Tiberi (R-OH), one of our more vocal S-Corp champions, introduced legislation (H.R. 4196) to extend 100 percent bonus depreciation through the rest of this year. Bonus depreciation allows ...

(Read More)

Ways and Means Hearing

March 13, 2012|

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 ...

(Read More)

Taxing Business Investment

March 2, 2012|

Our position on tax reform is simple and outlined in the letter 45 business groups sent to Congress last fall: Pursue comprehensive reform that includes both the corporate and individual tax codes; Keep the top ...

(Read More)

Administration Offers Corporate Tax Reform

February 22, 2012|

The Administration released its outline for "business" tax reform today. Described by its authors as more than a set of principles but less than a fully-realized plan, the 22-page joint Treasury-White House release raises more ...

(Read More)

President’s Budget and S Corps

February 13, 2012|

The President's budget came out today, and despite the fact that it and the many proposals it contains are unlikely to move through Congress, there are a number of items of specific concern to S ...

(Read More)

Extensions for Main Street

February 3, 2012|

Three cheers for Sen. Olympia Snowe (R-ME) and Sen. Mary Landrieu (D-LA) for fighting to move extensions of expired tax provisions benefiting Main Street businesses! Senators Snowe and Landrieu introduced the Small Business Tax Extenders ...

(Read More)

S Corporations and Payroll Taxes, Again

February 1, 2012|

The release of Newt Gingrich's tax return has returned the issue of payroll taxes and S corporations to the public's attention. This issue first came to prominence during the 2004 election cycle, when Vice Presidential ...

(Read More)

Wall Street Journal Misleads its Readers

January 24, 2012|

Two weeks ago, the Wall Street Journal ran a front-page piece entitled, "More Firms Enjoy Tax-Free Status." While you could argue the story itself was less biased than the headline, its overall bent leaves the ...

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New Year, Similar Outlook

January 23, 2012|

It's a new year but the outlook for tax policy remains remarkably unchanged. The list of possible to-do items Congress might take on this year is pretty much the same and includes: Extension of the ...

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A Word From Our Chairman

January 20, 2012|

Dear S-Corp Member: Happy New Year! I am writing to thank you for your continued support of the S Corporation Association and the important work we do in defense of the S Corp community. As ...

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Nobody Here But Us Unicorns

December 13, 2011|

Last week, National Public Radio ran a story suggesting that while business groups are focused on the pending rate hikes and the impact they will have on jobs and investment, actual business owners are less ...

(Read More)

Year-End Wrap Up

December 5, 2011|

Two headlines in Politico this morning tell the story on tax policy for the remainder of the year: "Tax Cut Boils Down to Who Pays" and "K Street Mounts Last-Ditch Blitz for Tax Breaks." The ...

(Read More)

What’s Next?

November 21, 2011|

The Super Committee announced today that it will not produce any recommendations for Congress to act on next month. The markets are reacting badly, which surprises us. They should have seen this coming. Maybe they ...

(Read More)

Pass-Through Businesses Get Their Day

November 4, 2011|

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 ...

(Read More)

Increased Activity on Tax Reform

October 19, 2011|

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: ...

(Read More)

More Talk on Corporate-Only Reform

October 14, 2011|

Congressional Quarterly has a really good article on the state of tax reform discussions on the Hill, and the Super Committee in particular. Here's a few of the key paragraphs: Advocates of a corporate overhaul ...

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Senate to Consider Surtax

October 5, 2011|

Senate Majority Leader Harry Reid (D-NV) reportedly plans to bring up the President's Jobs Bill this month and pay for it with a new 5 percent "surtax" on taxpayers making more than a million dollars. ...

(Read More)

Battle Lines on Tax Policy

September 20, 2011|

The President rolled out his latest deficit reduction outline yesterday. As expected, it included several tax recommendations. In sum, the President is calling for an additional $1.5 trillion in tax collections over the next decade, ...

(Read More)

Pass-Thru Employment Takes Center Stage

September 15, 2011|

Robert Carroll's study on pass-thru businesses continues to be a centerpiece in the tax policy discussion here in DC. At yesterday's Finance Committee hearing on the future of tax rates, Bill Rys from the National ...

(Read More)

Honey, I Shrunk the Small Business Sector

August 24, 2011|

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 ...

(Read More)

Tax Policy and the “Joint Committee”

August 2, 2011|

Does the debt deal include tax policies? Step One of the plan includes $917 billion in spending cuts only. But Step Two calls on a special "Joint Committee" to develop an additional package of deficit ...

(Read More)

The Gang Falls Short

July 21, 2011|

With less than two weeks to go before the Treasury-announced August 2nd deadline to raise the debt ceiling, members of Congress are desperate for some sort of plan that will break the current stalemate over ...

(Read More)

Ryan on S-Corps and Taxes

July 15, 2011|

Earlier this morning, House Budget Committee Chairman Paul Ryan (R-WI) cited from our Ernst & Young study to defend Main Street businesses. We had been in to see Chairman Ryan back during our annual Board ...

(Read More)

The President and Cantor on Taxes

July 7, 2011|

The Hill was all atwitter last evening with rumors that some sort of deal had been reached over raising the debt ceiling and the deficit reduction package that needs to accompany that legislation. In moments ...

(Read More)

Tax Notes: Make S-Corps Pay C-Corp Taxes

June 7, 2011|

The drumbeat to impose the double corporate tax on large pass-through businesses grows louder. This time, it's Martin Sullivan at Tax Notes arguing that larger firms should all be subject to corporate-level taxes. At least ...

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S-CORP Study in the News

April 14, 2011|

As our Washington Wire readers know, S-CORP released a ground-breaking study on Tuesday by Bob Carroll and Gerald Prante from Ernst & Young. The study quantifies the economic footprint of flow-through businesses for jobs and ...

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Treasury to Propose Corporate Tax Reform Plan

April 6, 2011|

Appearing before a subcommittee of the Senate Appropriations Committee to discuss FY 2012 Treasury Department funding, Secretary Geithner said the Administration is ready to get the ball rolling on corporate tax reform, telling Senators, "I'm ...

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The “Ideal” Way to Tax Businesses

April 5, 2011|

The story on tax reform continues to progress. Last week, the Senate Finance Committee held another in its series of hearings on the various aspects of reform. This hearing, entitled "How do Complexity, Uncertainty, and ...

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Camp Pushes Comprehensive Reform

March 23, 2011|

The Wall Street Journal reports that Ways and Means Chairman Dave Camp wants to push tax reform that addresses both the corporate and individual tax codes. That's good news for S corporations and the majority ...

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More on Pass-Throughs and Corporate Reform

March 8, 2011|

Last week, the Ways and Means Select Revenue Subcommittee held a hearing that sought to counter the momentum building within the Administration and in the press to tax pass-through businesses to pay for corporate-only tax ...

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Using Pass-Throughs to Pay for Corporate Reform

March 1, 2011|

Tax Notes has an article that pours more gasoline on the fire started by Bloomberg and the Geithner-led Treasury Department last weeks. The piece, written by Martin Sullivan, argues that pass-through treatment of some firms ...

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New Tax Writers

February 1, 2011|

The Senate last week announced the new members of the tax-writing Finance Committee. The announcement followed several weeks of negotiations over committee ratios of Democrats to Republicans, in addition to a related fight over amending ...

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New Year – New Challenges

January 18, 2011|

Happy New Year! As we're preparing for the new Congress and the new challenges it brings, we would like to once again thank you for your continued support of the S Corporation Association and to ...

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2-Year Extension Set to Pass

December 15, 2010|

Here's an early Christmas present -- the Senate voted this afternoon 81-19 to move forward on the tax deal cut between President Obama and congressional Republicans. We expect the package to pass intact early tomorrow. ...

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Rate Debate is All But Over

December 10, 2010|

Another interesting week in our nation's capital. The big news is the tax deal struck between Congressional Republicans and the White House. We expect this deal to pass, with few changes, either next week or ...

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Latest on Rate Debate

December 6, 2010|

Congress and the Administration continue to move through the three-step dance necessary to come to closure on the debate over extending expiring tax provisions. Step 1 took place two weeks ago when the Democratic and ...

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Rate Debate Continues

November 22, 2010|

Happy Thanksgiving to everyone. Here's a quick update on the tax outlook. Congress returned last week, but didn't make much progress. The big news was the cancellation of the bipartisan leadership meeting at the White ...

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Lame Duck and Tax Policies

November 3, 2010|

Congress is set to return for its lame duck session the week after next. With Thanksgiving in the middle and Christmas at the end, Congress has maybe three weeks to fund the government and figure ...

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Taxes and Elections

October 19, 2010|

With Congress gone, we thought we might dust off the old S-CORP Crystal Ball and make some predictions. By all accounts, the seats in play this cycle are well above the norm and this could ...

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President Signs BIG Relief!

September 28, 2010|

In a capital-starved economy, what makes more sense than allowing firms access to their own capital? For one year beginning in 2011, hundreds of thousands of S corporations around the country will be able to ...

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The Rate Debate Continuesb&

September 22, 2010|

Finance Committee Chairman Max Baucus staked out unique turf yesterday, calling for keeping tax policy stable for middle class taxpayers, allowing rates to rise for taxpayers making more than $250,000, but for taxing capital gains ...

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Senate Passes Built-In Gains Relief

September 16, 2010|

After months of maneuvering, the Senate today adopted H.R. 5297, the Small Business Jobs and Credit Act.B This legislation includes a number of business-friendly provisions, including the built-in gains tax relief so important to the ...

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Small Business Update

September 13, 2010|

The Congress is back, and Senator George Voinovich (R-OH) indicated last week that he will support closing debate on the small business tax bill pending in the Senate.B He should be the 60th vote, clearing ...

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Business Community Opposes Tax Hike

September 9, 2010|

Following yesterday's comments by President Obama, the S Corporation Association joined together with more than 30 other business associations to make the case for action by Congress to avoid the massive tax hike on private ...

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Tax Policy on the Table for September

August 19, 2010|

Members of Congress are back home and set to return mid-September for a final three week session before the November elections. Add in two or three weeks of possible "lame duck" session, and that's the ...

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Small Business & Extender Tax Bill Update 2.0

August 3, 2010|

After reappearing briefly last week, the latest version of the tax extenders package (Baucus IV) has now disappeared. The plan was for the latest version to garner sufficient support and then be attached to the ...

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Small Business & Extender Tax Bill Update

July 29, 2010|

If you watched the Senate floor yesterday, you might be under the impression that nothing was happening. The Senate spent most of the day in a Quorum Call (Senate code for nothing happening), and when ...

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Senate Back on Small Business Bill

July 28, 2010|

The Senate restarted debate on the small business bill last night. Majority Leader Reid called the bill back up and filed cloture on a new version. Among other changes, the bill now includes an agricultural ...

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Finance Reviews Economic Impact of Tax Hikes

July 14, 2010|

It's July 14th, 2010. There are approximately 30 legislative days before the fall elections and less than six months before huge portions of the tax code expire, so it's only appropriate that today, the Senate ...

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Congress Returns to Small Business Bill

July 13, 2010|

Congress is back this week, and the pending business before the Senate is the small business tax bill that passed the House last month. Here's BNA's review of the plan: The Senate is expected to ...

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Baucus III

June 23, 2010|

The tax community is still waiting for the third version of the Baucus substitute to be released. A "trial balloon" draft circulated yesterday made certain changes, but failed to address many of the sticking points ...

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Latest On Extenders and the Payroll Tax

June 18, 2010|

So the Senate just adopted a stand-alone, six month Doc Fix. Adoption of this provision sends a couple signals for the broader extender package. This action follows on last night's failed 56-40 cloture vote on ...

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Baucus Substitute, Part II

June 17, 2010|

After falling 15 votes shy of the 60 needed to close debate and move forward on the "extender plus" package, Finance Chairman Max Baucus offered up a second substitute last evening and Senator Reid immediately ...

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Payroll Tax Hike Taken Up in the Senate

June 8, 2010|

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 28th. That vote was supposed to take place ...

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S-CORP Opposes Extender Pay-For

May 26, 2010|

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 ...

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Payroll Tax Update

May 6, 2010|

Congressional taxwriters, especially in the House, continue to express interest in raising payroll taxes on active S corporation shareholders as an offset to the tax extender package under consideration, and the business community has responded. ...

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Payroll Tax Hikes Back On The Agenda

April 27, 2010|

Last week, the S corporation community was put on high alert when we received word that an S corporation payroll tax increase similar to the provision from the old Rangel Mother bill (H.R. 3970) was ...

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Small Business Tax Package Recap

April 10, 2010|

With the Senate back in town this week, here's a quick recap on the status of the S Corp reform tax title we've been advocating in Congress: First, on January 10th, the House passed a ...

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Private Enterprise and Jobs

March 31, 2010|

A recent Washington Times article by Mike Whalen, chief executive of Heart of America Restaurants and Inns, should give policymakers pause as they worry about weak job growth while simultaneously piling one tax on top ...

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House Passes Health Care Reform and "Fix"

March 22, 2010|

After a long legislative odyssey, the House passed the broad health care reform package on Sunday evening by a vote of 219-212. This legislation is identical to the Senate bill adopted on Christmas Eve and ...

(Read More)

Health Care Reform and S Corporations

February 24, 2010|

President Obama released a list of proposed changes to the Senate-passed health care reform bill on Monday, and while there is plenty to interest any American, one item in particular should catch the attention of ...

(Read More)

The Skinny on the Jobs Bill

February 18, 2010|

So we're still trying to figure out what happened between Thursday morning and Thursday afternoon last week. On Thursday morning, the Senate Finance Committee released an $84 billion "Jobs" bill draft with all the expected ...

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Jobs Bill on Senate Floor Next Week

February 5, 2010|

Senate leadership has committed to taking up a Jobs bill next week. The details of the package are still being worked out, but the list released by the Senate Democrats includes: Job Creation tax credit ...

(Read More)

President Releases 2011 Budget

February 2, 2010|

The president released his FY2011 budget yesterday. According to the Office of Management and Budget (OMB), the administration begins with a ten year baseline deficit of $5.5 trillion dollars. Simply put, if Congress and the ...

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Senate Jobs Bill First Out of the Chute

January 26, 2010|

With health care reform in a state of political limbo, Senate leadership is busy assembling a job-creation package that is likely to be the chamber's next significant legislative effort. Just before Christmas recess, the House ...

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Tax Outlook for 2010 — Starting in a Hole

January 15, 2010|

The economic fear that gripped folks in the Fall of 2008 has resulted in a historic collapse of federal revenues. Revenue collections since 1960 have stayed in a relatively tight pattern centered around 18 percent ...

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Welcome to 2010!

January 13, 2010|

Dear S-CORP Member: As we begin a new year and gear-up for all the hopes and challenges that 2010 will bring, I wanted to take a moment to thank you for your support and highlight ...

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Business Community Supports Estate Tax Relief

November 13, 2009|

Last week, the S Corporation Association joined a group of nearly 50 small business organizations to support estate tax legislation (H.R. 3905) to make permanent rates and exclusion levels more favorable than those in place ...

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S-Corp Organizes Defense of Family Business

November 2, 2009|

  Led by S-CORP, a coalition of fifteen small business trade associations sent letters last week to the Senate Finance and House Ways and Means Committees urging policymakers to protect the interests of family-owned businesses ...

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Update on Estate Tax

October 27, 2009|

We've been visiting Capitol Hill offices over the past couple weeks to talk about the estate tax and its impact on family businesses and now have a clearer idea of where the issue is headed. ...

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Health Care Update

October 6, 2009|

The idea of taxing high cost plans is relatively new, and there are many outstanding questions about how it would work. For example, how exactly how would this excise tax raise revenue? The Senate plan ...

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Estate Tax Update

August 31, 2009|

Where to start? The August break is nearly over and Congress is scheduled to return after Labor Day with a full agenda that includes finishing (or finishing off) health care reform, wrapping up all the ...

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Estate Tax & PAYGO

July 21, 2009|

  The House is scheduled to take up a Paygo bill -- short for b"pay-as-you-go" -- this week that makes room for an estate tax fix. Paygo was established back in 1990 as a means ...

(Read More)

House Releases Health Care Legislation

July 15, 2009|

As expected, House Leadership released its health care reform plan yesterday -- America's Affordable Health Choices Act of 2009 (H.R. 3200). As you can imagine, there are any number of provisions to explore in a ...

(Read More)

S-Corp Modernization Bill Introduced in the House

June 25, 2009|

Good news! Last week, S-CORP Champion Congressman Ron Kind (D-WI) introduced the "S Corporation Modernization Act of 2009." Joining Congressman Kind in sponsoring the legislation were fellow Ways & Means Committee Members Wally Herger (R-CA), ...

(Read More)

Value-Added Tax Coming to America?

June 2, 2009|

Two weeks ago, the Senate Finance Committee released its summary of options to pay for health care reform. As expected, the list was long and could be divided up any number of ways. One item ...

(Read More)

S Corp Modernization Introduced in the Senate!

May 7, 2009|

Good news for S corporations! S-CORP allies Senator Blanche Lincoln (D-AR) and Orrin Hatch (R-UT) today introduced the "S Corporation Modernization Act of 2009." This legislation is similar to bills offered in previous Congresses and ...

(Read More)

The Washington Post Discovers Small Employers

April 28, 2009|

The Washington Post this week reported on an issue that shouldn't come as a surprise for S-CORP readers: President Obama's tax plans could hurt many of America's small businesses. Small business owners who report their ...

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The Washington Post Discovers Small Employer

April 28, 2009|

The Washington Post this week reported on an issue that shouldn't come as a surprise for S-CORP readers: President Obama's tax plans could hurt many of America's small businesses. Small business owners who report their ...

(Read More)

Middle-Class Tax Increases on the Horizon

April 21, 2009|

Last Wednesday's The Hill included a comprehensive overview of the exploding spending and deficit picture and calls into question President Obama's ability to live up to his long-held promise not to raise middle class taxes. ...

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Budget Process and Reconciliation

April 8, 2009|

Both the House and the Senate completed their respective budget resolutions last week. The plan now is for the two bodies to get together to resolve any differences and produce a single budget in the ...

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Congressional Budget Takes Form

March 25, 2009|

Lots of budget related news in recent days with implications for small business taxpayers. First, the Congressional Budget Office weighed in last week with its analysis of the Obama budget outline and estimated that the ...

(Read More)

Obama’s Tax Plans Take Shape

February 26, 2009|

President Obama released a 140-page outline of his budget today that reflects his revenue and spending priorities for the next couple of years. Chief among these is a major change in federal health care policies. ...

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Congress Reaches Deal on Stimulus

February 13, 2009|

Sometimes, Congress meets a deadline. Six weeks ago, congressional leadership and the new Obama Administration had set out the Presidents' Day recess as the deadline for getting the economic stimulus package to the President's desk. ...

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Stimulus Update

February 4, 2009|

The Washington Post reports that the Senate Stimulus bill is short of the 60 votes needed for it to move through the chamber. As the Post noted: Senate Democratic leaders conceded yesterday that they do ...

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BIG Reform Included in Finance Committee Mark!

January 27, 2009|

Big news for S corporations! S-CORP champions Senator Blanche Lincoln (D-AR) and Orrin Hatch (R-UT) have succeeded in securing BIG reform in Senator Baucus' (D-MT) version of a stimulus package! As S-CORP readers know, BIG ...

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Stimulus Introduced in House

January 16, 2009|

The House Leadership released an outline of its proposed stimulus package yesterday with few surprises. The total package is $825 billion with $550 billion in new spending and $275 billion in tax relief. On the ...

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Estate Tax Compromise Under Development

January 14, 2009|

Looks like Congressional Democrats and President-elect Obama's economic team are already beginning work on legislation to prevent a full repeal of the estate tax in 2010. The Wall Street Journal reports that President Obama's plan ...

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Stimulus Package Discussed

January 8, 2009|

Following a closed-door planning session today of members of the Senate Finance Committee, we expect the Committee will mark-up the tax portions of a stimulus package as early as January 22nd. As we indicated previously, ...

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Tax Relief Grows in Proposed Stimulus

January 5, 2009|

Congress is back and ready to legislate. First out of the box will be the long-anticipated economic stimulus package. Unlike previous efforts, the current push has the benefit of support from leadership in the House, ...

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Bailout Watch

December 17, 2008|

The ongoing soap opera of the auto bailout continues, with Congress failing to find a means of balancing the needs of Detroit with the concerns of taxpayers and Senate Republicans. As a result, the bailout ...

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Auto Bailout Stalls Stimulus

November 19, 2008|

Congress is back for the week, but we do not expect much to get done. House and Senate Democrats support allocating $25 billion from the Troubled Asset Relief Program to bailout the Big Three automakers, ...

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Second Stimulus on the Horizon

November 10, 2008|

A second stimulus package is being formulated up on the Hill, but is by no means a done deal at this point.B Just before adjourning for the election, the House passed a $61 billion bill ...

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Election Impact on S Corporations

November 5, 2008|

We'll write more about the election in coming months, but wanted to send out a quick summary of how the elections yesterday affect the S corporation community. We've noted several times that President-elect Obama's tax ...

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S Corp Champions Push BIG Relief

October 29, 2008|

As Congress moves forward on the stimulus bill, the S Corporation Association continues to push Built-In Gains tax relief as a vital part of the package. If the economy is suffering from a lack of ...

(Read More)

Congress to Consider Lame Duck Session Stimulus

October 20, 2008|

What time is it when the market is down, unemployment is up, personal consumption is falling and manufacturing activity is contracting? Time for another economic stimulus package. Last week, the Ways and Means Committee confirmed ...

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Bailout Update

October 14, 2008|

The Treasury Department announced over the weekend that it would infuse $250 billion directly into the banking system, starting with approximately $125 billion targeted at nine major institutions including Goldman Sachs and Citigroup. Combined with ...

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Bailout and Extenders Combined

October 1, 2008|

As equity markets continue their wild swings while the credit markets signal distress, Congress will make another run at the financial sector bailout this evening. This time the Senate will try. The new package retains ...

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Bailout Votes This Week

September 29, 2008|

The House is scheduled to vote on the financial sector bailout package later today. If it passes, the Senate will take it up on Wednesday. The package itself retains the core Paulson proposal to give ...

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Congressional Overview

September 26, 2008|

We are nearing the finish line for the 110th Congress with more on the table than when we started nearly two years ago. None of the 12 bills to fund the government have been adopted. ...

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Extenders Advance

September 24, 2008|

Following a series of votes on alternatives, the Senate adopted a $150 billion package of tax extenders yesterday by a vote of 92-5. The key components of the package include: A one year extension of ...

(Read More)

Bailout Takes Center Stage

September 22, 2008|

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 ...

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Tax Policy and Small Business

September 12, 2008|

Earlier this week, the Wall Street Journal reviewed the most recent comments by Senator Barack Obama regarding his plans for tax policy. As we noted in the past, the bias is for higher tax rates ...

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Happy 50th, S Corps!

September 2, 2008|

Today marks the 50th birthday of the S corporation! As you can imagine, here at the S Corporation Association we've got the cake and candles ready. Perhaps more importantly, at a time of economic and ...

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S-Corp Supports Small Business Tax Modernization Act

July 29, 2008|

More good news for S Corps! Congresswoman Nydia VelC!zquez, Chairwoman of the House Small Business Committee, introduced legislation last week "the Small Business Tax Modernization Act of 2008" that includes many provisions with the potential ...

(Read More)

Broad Business Coalition Supports BIG Relief

July 23, 2008|

There are increased reports in the media about a potential stimulus package to be considered when Congress returns in September (here and here). If Congress does consider another stimulus package and wants to target help ...

(Read More)

Stimulus Getting More Ink

July 11, 2008|

Several papers are reporting what we have been hearing for the past week - a possible second economic stimulus package is in the early stages of discussion. As the Wall Street Journal reported: Senate Majority ...

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S Corporations and the Estate Tax

June 26, 2008|

With a large fraction of the tax code expiring in the next couple of years, the big surprise may be the growing consensus for compromise over the estate tax. The estate tax is scheduled to ...

(Read More)

S Corp Testifies in the House!

June 20, 2008|

This week the House Committee on Small Business held a hearing to consider reforms that would promote equality and growth for S corporations. Rick Klahsen, a member of the S Corporation Association's Board of Advisors ...

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Busy Week in Washington

June 5, 2008|

Lots of activity on tax policy with implications for S corporations this week. On Monday, the White House held a forum on the expiring tax relief and its potential to hurt the economy if it ...

(Read More)

Senate S Corp Modernization Act Introduced!

May 23, 2008|

Good news for the S corporation community! Senators Blanche Lincoln (D-AR), Orrin Hatch (R-UT), Gordon Smith (R-OR) and Ben Cardin (D-MD) introduced the S Corporation Modernization Act of 2008, S. 3063, last evening. The introduction ...

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House Passes Marginal Tax Increase

May 16, 2008|

Foreshadowing things to come, the House on Thursday adopted legislation to increase Veterans education benfits by raising marginal tax rates on individuals - including S corporation shareholders - making $500,000 a year or more. As ...

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Stimulating S Corporations

May 2, 2008|

S Corporation Association Chairman Richard Roderick weighed in on behalf of S corporations yesterday regarding the second stimulus package being developed in the House. In a letter to Small Business Committee Chairwoman Nydia VelC!zquez, Roderick ...

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Small Business Week 2008

April 30, 2008|

Washington loves small businesses, at least in its rhetoric.B April 20-26th was Small Business Week.B The annual event is devoted to recognizing the "determination and ingenuity of America's workers and entrepreneurs who play a vital ...

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Did Somebody Say Tax Reform?

April 21, 2008|

Last Tuesday the Senate Finance Committee held the first of several planned hearings on tax reform. These hearings are being held in preparation of the 111th Congress, when the Ways and Means and Finance committees ...

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Budget Debate and Taxes

March 11, 2008|

Everyone in Washington knows Congress will have to address the growth of the Alternative Minimum Tax (AMT) and the expiration of popular tax provisions over the next three years. Just how they will go about ...

(Read More)

Obama and S Corporations

March 4, 2008|

The Texas and Ohio presidential primaries are dominating the news today, so we thought webd take a look at the candidatesb tax policies and see how they would affect S corporations.B B Webll start with ...

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Peering into the Future of Tax Policy

February 25, 2008|

We've been asked to gaze into our crystal ball and see what the future of tax policy looks like. For S Corporations, it looks a lot like when the Ghost of Christmas Future popped in ...

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President to Sign Fiscal Stimulus

February 11, 2008|

The President is expected to sign the fiscal stimulus package on Wednesday. After two weeks of hand ringing and posturing, the Senate finally adopted a slightly modified version of the bill the House and the ...

(Read More)

Stimulus Boost to Senate Bill

January 31, 2008|

The initial GDP estimate for the first quarter of 2008 (based on data from October, November and December 2007) came in yesterday at a very low 0.6%. That's a big reduction from the 4.9% increase ...

(Read More)

Stimulus Deal Announced

January 25, 2008|

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would ...

(Read More)

Stimulus Introduced in House

January 16, 2008|

The House Leadership released an outline of its proposed stimulus package yesterday with few surprises. The total package is $825 billion with $550 billion in new spending and $275 billion in tax relief. On the ...

(Read More)

2008 Tax Forecast

January 16, 2008|

While everyone else is predicting the presidential primaries, we thought we'd take a look at the forecast for tax policy in Congress this year. The usual refrain for a presidential election year is that all ...

(Read More)

President Bush Plugs S Corps in Chicago

January 9, 2008|

Say what you want about this President, he understands the important role S corporations play in the economy and the critical link between low tax rates, business investment, and job creation. This excerpt is from ...

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AMT and Other Updates

December 19, 2007|

Just after Thanksgiving, we put together a list of the must-pass items that Congress would turn to in December, including the AMT/Extender package, omnibus spending bill, farm bill, S-CHIP, energy bill, and Medicare Doctors payment ...

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Senate Passes AMT

December 7, 2007|

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 ...

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The End is Near (of the First Session)

November 28, 2007|

Congress returns Monday with lots to do and just three weeks to do it. Here's the list of must-pass items we've identified: AMT Patch Tax Extenders (Including the S Corporation Charitable Provision) S-CHIP Reauthorization All ...

(Read More)

Death of Death Tax Repeal?

November 15, 2007|

Yesterday's Senate Finance Committee hearing on the estate tax resulted in some good theatrics, but little in the way of comfort to those family businesses attempting to plan their way past the tax. Berkshire Hathaway's ...

(Read More)

Higher Tax Rates on Horizon

November 7, 2007|

We've had numerous conversations in the past couple of weeks with S corporation owners about the tax outlook for the next couple of years, and it's becoming apparent that the S-Corp community is underestimating the ...

(Read More)

More Details on the Rangel Tax Bill

October 24, 2007|

At a members briefing this evening, Ways and Means Chairman Charlie Rangel outlined his "Mother of All Tax Bills" to the Committee membership. In essence, he outlined three separate bills that he will introduce in ...

(Read More)

Tax Credit Repeal – Another Hit on S Corporations?

October 24, 2007|

BNA this morning has additional information about the AMT repeal legislation planned to be introduced tomorrow by Chairman Charlie Rangel. Aside from the offsets we mentioned yesterday - rate increase, LIFO repeal, manufacturing deduction repeal ...

(Read More)

Rangel to Propose Corporate Rate Cut

October 23, 2007|

The Wall Street Journal reports this morning that Ways and Means Chairman Charlie Rangel will likely introduce his "Mother of All Tax Bills" this week, a proposal marrying the repeal of the individual AMT with ...

(Read More)

AMT Dominates Tax Outlook

October 18, 2007|

For the past few months, we've been tracking the progress, or lack thereof, of legislation to protect taxpayers from the growth of the Alternative Minimum Tax. The two principle points of tension were: Conflicting approaches ...

(Read More)

Death Tax Compromise Talks in Senate

October 11, 2007|

At the Finance Committee markup last week on the Agriculture bill, Senator Jon Kyl (R-AZ) offered an amendment to make permanent changes to the estate tax. The Kyl amendment would have created a new framework ...

(Read More)

AMT and Corporate Tax Rates Together? Watch Out

September 25, 2007|

As we have previously reported, Chairman Charlie Rangel has a deep interest in passing a permanent "fix" to the Alternative Minimum Tax. Meanwhile, Treasury Secretary Paulson has kicked-off efforts to cut the corporate tax rate ...

(Read More)

Congress Returns

September 7, 2007|

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 ...

(Read More)

Treasury Issues a New Tax Gap Report

August 2, 2007|

This morning, the Treasury and the IRS released the new "tax gap" report. This report is in response to a request from Senate Finance Committee Chairman Max Baucus that the Treasury produce a plan to ...

(Read More)

Treasury Conference on Corporate Tax Policy

August 1, 2007|

Your S-Corp Association friends attended the Treasury conference on corporate tax policy last week, rubbing shoulders with the Secretary of the Treasury, Alan Greenspan, and others. As expected, the bulk of the speakers focused on ...

(Read More)

Debate Over Taxing Hedge Funds

July 20, 2007|

Under the category of "We Told You So," yesterday's CongressDaily includes an analysis by Martin Vaughn that makes a point similar to the theme of our last Wire - that the debate over how to ...

(Read More)

Accountants Weigh in on Tax Gap

July 10, 2007|

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 ...

(Read More)

Tax Bill Offset Tally

June 11, 2007|

To simplify tracking of the various tax bills under consideration by Congress, we've put together a chart of what's moving and what's being discussed, including separate tax bills on the AMT, energy production, education, housing, ...

(Read More)

Small Business Tax Package Signed Into Law

June 5, 2007|

Congress returns this week following its Memorial Day recess. As expected, the Small Business tax package was signed into law along with the Iraqi War funding just before they left. This package included a number ...

(Read More)

Small Business Tax Package — Part II!

May 9, 2007|

House Leadership has indicated that it will attach the $4.8 billion Small Business tax package to the second Iraq supplemental spending bill to be considered by the House this week. The tax package will likely ...

(Read More)

Small Business Tax Package Agreement

April 23, 2007|

Late Friday evening, House and Senate tax writers announced they had come to an agreement on the Small Business Tax Package to accompany an increase in the minimum wage. While this package is destined to ...

(Read More)

Small Business Tax Package in Play

April 20, 2007|

The small business tax package is back in the news. What we heard yesterday -- confirmed by press reports this morning -- is that the four top tax writers (Baucus, Rangel, Grassley, and McCrery) have ...

(Read More)

Another Tax Gap Hearing, Another Standoff

April 19, 2007|

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 ...

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AMT Legislative Forecast

April 13, 2007|

While Congress is considering numerous changes to the Tax Code, the 800 pound gorilla in tax policy these days is the projected growth of the Alternative Minimum Tax (AMT) and what exactly Congress plans to ...

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Illinois Governor Proposes Gross Receipts Tax!

April 12, 2007|

S Corp Member Alert! Governor Blagojevich proposed last month to replace the Illinois state corporate income tax with a gross receipts tax (GRT). Under the current proposal, the state's current 4.8% corporate income tax rate ...

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Budget Targets Tax Gap

March 20, 2007|

It is time to start a tally of how many times Congress spends revenues raised from closing the tax gap. It's an annual tradition. Each year, Congress picks out its favorite revenue raiser and then ...

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Energy Tax Bill and Energy Offsets

March 2, 2007|

For those small business groups who are thinking that Big Oil will foot the bill for any energy tax title enacted this year, a new CRS report issued Tuesday provides little comfort. The report, entitled ...

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Rangel Ready to Prepare Small Business Tax

February 7, 2007|

Good news for S corporations and other closely-held businesses! Ways and Means Chairman Charles Rangel (D-NY) indicated yesterday that he plans to put together a package of small business provisions to be coupled with the ...

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Do S Corporations Pay the Minimum Wage?

February 2, 2007|

Now that the Senate has adopted a package pairing the minimum wage together with provisions to improve S corporation rules, one of the questions our Capitol Hill friends have asked us is, "Do S corporations ...

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Stimulus Deal Announced

January 25, 2007|

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would ...

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A New Congress Brings New Tax Writers

January 9, 2007|

Last week marked the swearing-in of all new Members of Congress and the official change in control of the House and Senate from Republican to Democratic hands. House Democrats elected Nancy Pelosi (D-CA) Speaker of ...

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109th Congress Concludes Business

December 11, 2006|

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 ...

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December 1, 2006|

Real quick, here's what we're hearing on the prospects of tax legislation moving when Congress returns next week: Congressmen Hastert, Boehner, and Thomas are gathering today to decide what the House tax bill should look ...

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November 15, 2006|

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 ...

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October 26, 2006|

Chairman Submits Comments to Tax Writers S-CORP Chairman Tom McMahon today submitted comments (click here for full text) to the House Ways and Means and Senate Finance Committees opposing a proposed tax increase on small ...

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Proposed Tax Increase on S Corp Exporters!

October 12, 2006|

Just before breaking for the November elections, the Senate Finance and House Ways and Means Committees introduced their tax technical corrections bills (H.R. 6264 & S. 4026) to fix errors and ambiguities in the tax ...

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S Corps Everywhere!

September 22, 2006|

You couldn't swing a dead cat in Washington last week and not hit somebody busy touting the benefits of S corporations to the American economy, job creation, and retirement security. First, the President highlighted S ...

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Tax Bill Action Moves to the Senate

August 1, 2006|

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 ...

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July 26, 2006|

As a follow-up to its broader "Tax Gap" study completed last spring, the IRS yesterday announced it will engage in a multiyear study of about 5000 taxpayers reporting S corporation income or losses. According to ...

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So Little Time, So Many Tax Bills

July 18, 2006|

Congress has about six weeks left of session before it leaves for the mid-term elections and a very full list of unfinished items on the agenda. Just on the tax front, there is possible action ...

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Senate Finance Committee Holds Tax Gap Hearing

June 15, 2006|

S-CORP continues to closely monitor proposals to increase taxes on S corporations through increased payroll taxes or by repealing the LIFO method of inventory accounting.B On Tuesday, the Senate Finance Committee held a hearing entitled ...

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S-CORP Weighs in On Corporate Tax Reform

May 25, 2006|

It's his last term in Congress, and Ways and Means Chairman Bill Thomas (R-CA) is working hard right up until the end. While few observers think tax reform will make tangible progress before November's mid-term ...

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President Signs Tax Bill

May 17, 2006|

Before a South Lawn crowd today, President Bush signed into law H.R. 4297, the "Tax Increase Prevention and Reconciliation Act of 2005". Cumbersome name aside, the bill is a relatively streamlined effort to extend several ...

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House Approves $70 Billion Tax Cut Bill

May 11, 2006|

Yesterday, by a vote of 244-185, the House approved the long-delayed tax reconciliation bill (H.R. 4297) following an agreement between House Ways and Means Committee Chairman Bill Thomas (R-CA) and Senate Finance Committee Chairman Chuck ...

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No Agreement on H.R. 4297

April 28, 2006|

House and Senate tax writers failed to reach an agreement this week on a final tax reconciliation conference report (H.R. 4297), despite earlier predictions that a final bill would be unveiled this week. It appears ...

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Tax Relief Bill Negotiations Proceed

April 26, 2006|

Today's Congress Daily includes a number of points about the conference between House and Senate negotiators: "One source said April 25 it appears House negotiators will be willing to accept at least some of the ...

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IRS Considering More S Corp Guidance

April 20, 2006|

The 2004 American Jobs Creation Act contained numerous S Corp friendly provisions, including increasing the number of allowable S Corp shareholders from 75 to 100 and expanding the definition of a single shareholder to include ...

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The President’s Budget

February 10, 2006|

One of the challenges of political advocacy is to separate real from imagined threats. For S Corps, the threat of increasing payroll taxes on S Corp profits continues to be very real indeed, despite the ...

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Tax Relief Delayed - Pressure for Offsets Grows

October 18, 2005|

Congress returns to legislative business this week following a week long Columbus Day recess. With numerous outstanding issues for Congress to consider before adjourning for the year (possibly by Thanksgiving, but December remains a distinct ...

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August 11, 2005|

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 ...

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July 29, 2005|

INCREASED S CORP SCRUTINY -- JULY 28TH, THE HILL Yesterday's "The Hill" takes a look at the two challenges facing the S Corp community today- by modernizing S Corp rules to ensure S Corporations continue ...

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July 26, 2005|

As a follow-up to its broader "Tax Gap" study completed earlier this year, the IRS yesterday announced it will engage in a multi-year study of about 5000 taxpayers reporting S corporation income or losses. According ...

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State Update and IRS Issues S Corp Rules

May 24, 2005|

As S-CORP members will recall, S-CORP has been monitoring a number of states considering tax bills that will adversely affect S corporations. We were fortunate to lay the groundwork in Pennsylvania in working with others ...

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August 11, 1005|

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 ...

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