Time to Pause the CTA
The S Corporation Association
by admin
1w 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
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More than a Dime’s Worth of Difference
The S Corporation Association
by admin
1w 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
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Talking Taxes in a Truck Episode 36: The CTA Compliance Wrinkle No One’s Talking About
The S Corporation Association
by admin
2w 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
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CTA’s Prospects, Post-NSBA v. Yellen
The S Corporation Association
by admin
2w 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
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Talking Taxes in a Truck Episode 34: Piper Sandler’s Don Schneider on the Tax Package’s Fate, Looming Debt and Deficit Crisis, and Monetary Policy Outlook
The S Corporation Association
by admin
1M ago
The House last week moved a large tax package. Will the Senate follow suit? To answer that and other burning questions, we spoke to Don Schneider, Deputy Head of U.S. Policy at Piper Sandler and the former Chief Economist at Ways & Means. Don explains why it might be too early to pop the champagne ...(Read More ..read more
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Tax Package Heads to the Senate
The S Corporation Association
by admin
2M ago
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 Committee, the bill passed the full House 357-70 and now heads to the Senate.  Below is a look at what’s ...(Read More ..read more
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Talking Taxes in a Truck Episode 33: Eurasia Group’s Jon Lieber on the Tax Package, Elections, and more.
The S Corporation Association
by admin
2M ago
We’re just two weeks into the New Year and Washington is already abuzz with potential deals on spending and taxes. What’s in the bill? What’s out? Can lawmakers get it across the finish line? This week we’re joined by Jon Lieber, head of research and managing director for the United States at Eurasia Group. Jon ...(Read More ..read more
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2024 Tax Policy Outlook
The S Corporation Association
by admin
2M ago
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 be watching closely on behalf of the pass-through business community. Tax Package in the Funding Deal? The big news this ...(Read More ..read more
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CTA Criticism Growing
The S Corporation Association
by admin
3M ago
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 estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of ...(Read More ..read more
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Congress Moves CTA Delay (Maybe)
The S Corporation Association
by admin
3M ago
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 Joyce Beatty (D-OH) and Zach Nunn (R-IA), legislation that would extend key deadlines under the Corporate Transparency Act. The bill ...(Read More ..read more
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