The Parity for Main Street Employers Coalition welcomes Treasury’s guidance applying the new 20% tax deduction to thousands of U.S. businesses organized as pass-throughs—the S-corps, sole proprietorships, and partnerships that comprise 95% of all businesses and who employ the majority of American workers.

Read the full statement by clicking here. 

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The Parity for Main Street Employers coalition–representing more than one hundred national business groups and millions of Main Street employers–strongly supports efforts across the states to restore the ability of employers organized as pass-through businesses to deduct their State and Local income taxes (SALT) on their federal tax returns.

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The Parity for Main Street Employers (PMSE) coalition released a new survey highlighting the pass-through business community’s initial reaction to the tax Cuts and Jobs Act (TCJA).  Early results indicate that the tax relief promised to non-corporate employers is in danger absent clear guidance from IRS and Treasury.  Key results include…

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As the Treasury Department and Internal Revenue Service drafts rules necessary to implement HR 1, the undersigned organizations request that you use your regulatory authority to adopt a reasonable method of calculating the new 20 percent pass-through deduction to ensure Main Street businesses are not penalized based on how they are organized for business purposes…

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Today the Parity for Main Street Employers (PMSE) coalition, comprised of trade groups representing American Main Street businesses, named Chris Smith as its new Executive Director. Smith is a Washington public affairs veteran and a former Chief of Staff for both the U.S. Treasury Department and the House Ways and Means Committee…

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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…

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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.