The S Corporation Association
15 FOLLOWERS
In-depth coverage and analysis of federal tax policy, with a focus on legislation and regulations affecting subchapter S corporations and other pass-through entities.
The S Corporation Association
1w ago
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 charge against the poorly crafted law. We’ve covered the CTA at length over the past few years but the bottom ...(Read More ..read more
The S Corporation Association
1w ago
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 of 2025. As readers know, the expiration of the Section 199A deduction coupled with significant increases in the marginal rates ...(Read More ..read more
The S Corporation Association
1w ago
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 Taxes and a Complex Tax Code.” It was the perfect opportunity to highlight the tax priorities that are top of ...(Read More ..read more
The S Corporation Association
1w ago
Last week the American Institute of Certified Public Accountants (AICPA) – along with more than 50 of its state societies and affiliates – once again called on federal regulators to delay implementation of the Corporate Transparency Act. The letter is a scathing indictment of the new reporting regime and centers on the widespread confusion among ...(Read More ..read more
The S Corporation Association
2w ago
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 $80 billion Tax Relief for American Families and Workers Act. This bill easily passed the House back in January but ...(Read More ..read more
The S Corporation Association
2w ago
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, tax them like S corporations. Moving the Tax Code towards what we call a “single tax system” would level the ...(Read More ..read more
The S Corporation Association
1M ago
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), would delay by one year the onerous Corporate Transparency Act (CTA) filing requirements and accompanying jail time and penalties. A ...(Read More ..read more
The S Corporation Association
1M ago
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 by American manufacturers. Senator Steve Daines (R-MT) took the opportunity to highlight the importance of 199A to his manufacturers in ...(Read More ..read more
The S Corporation Association
1M ago
The Corporate Transparency Act is now in effect, imposing complex reporting requirements on every small business in the country, and many large ones too. But what if the person best equipped to assist those businesses with compliance – your local CPA --wasn’t allowed to do so? To explore this dynamic, we talked to Jim Hamill, ...(Read More ..read more
The S Corporation Association
1M ago
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 businesses that would be smacked this year by the new reporting requirements.” The ruling is a massive victory for the ...(Read More ..read more