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Now that historic tax reform is done, it’s time for Congress, the Treasury Department and the IRS to work through the details of implementing the new law. For Main Street employers, the stakes couldn’t be higher. As the dust settles, it is becoming clear that there is unfinished business when it comes to tax parity for American employers…

Read the full op-ed by PMSE ED Chris Smith in The Hill

If “corporate-only” advocates have their way and the corporate tax rate is reduced, should pass-through businesses just switch to C status to access the lower rates?   Would that shift improve the tax code and how we treat closely-held businesses?  The answer to both questions is an emphatic no…

Read the full post by clicking here.

The U.S. is unique in its prevalence of small and family-owned businesses. S corporations and other pass-throughs employ the majority of workers and are the foundation of thousands of local economies, ensuring that the benefits of economic growth aren’t concentrated in a few financial centers…

Read the full op-ed by S Corporation Association President Brian Reardon by clicking here.

Key Findings

• The majority of companies in the United States are pass-through businesses. These businesses are not subject to the corporate income tax; instead, their income is reported on their owners’ tax returns and subject to the individual income tax.

• Over the past thirty years, the pass-through business sector has expanded significantly. Pass-through businesses now earn more net income than traditional C corporations and employ the majority of the private-sector workforce…

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Dear Chairmen and Ranking Members:

 

As Congress debates tax reform to make American businesses more competitive, the undersigned organizations representing employers organized as S corporations, partnerships and sole proprietorships offer the following three principles to help guide your efforts…

Read the full letter by clicking here.

Jason Furman is right about the ‘stupid’ policy on overseas income. Domestic policy also isn’t so bright.

Read the WSJ Op-Ed By S-Corp’s Brian Reardon and Tom Nichols by clicking here.

Key Findings

• Pass-through business income is taxed on the business owners’ tax returns through the individual income tax code.

• Pass-through business income faces marginal tax rates that exceed 50 percent in some U.S. states.

• Pass-through businesses face only one layer of tax on their profits compared to the double taxation faced by C corporations…

Read more by clicking here.