Latest News Tagged With “taxation”

New Ways & Means Speaker Named

Nov 07, 2015

On Wednesday, the Republican Steering Committee tapped Representative Kevin Brady (R-TX) to succeed Speaker Ryan as the committee's chairman. Both he and his challenger, Representative Pat Tiberi (R-OH), are strong allies of S corporations and pass-through businesses. Representative Brady takes over from former Chairman Paul Ryan, the new House speaker. Brady, who was first elected to Congress in 1996, will become the seventh Texas Republican to chair a House committee. Several members of the Steering Committee said that while Tiberi is well liked, Brady’s experience was a deciding factor for the gavel.  This was Brady’s second run at the chairmanship, after being passed over for the gavel by Ryan at the beginning of this Congress. The Wall Street Journal had an interview with the new Chairman, where Brady makes clear he wants tohave a robust tax extender package (yea!) this fall than then spend next year pushing the "step one, step two" plan for tax reform outlined by Paul Ryan in the past year: Q: What's the first thing you're going to try to get accomplished this year? A: We're going to continue to tee up pro-growth tax reform. There's two steps we can take that are real, one of them immediate, which is to negotiate a package of permanent provisions among those [expired tax breaks]. One, because it creates certainty for the economy. Two, you get a better bang for the buck for the tax provisions. And three, it's honest scorekeeping. It identifies what truly are permanent parts of the code. I will pick that up and see if we can't conclude a package that works for both parties.  Read more

The Sub S Bank Report Volume 16 Issue 3

Oct 31, 2013

The Latest Edition of The Sub S Bank Report is Now Available for Registered Members  Learn More About the S Corporation Modernization Act of 2013 (H.R. 892)  Read more

The Sub S Bank Report

Mar 28, 2013

The Latest Edition of The Sub S Bank Report is Now Available for Registered Members   Read more

IRS Withdraws Proposed TEFRA Rule

Nov 14, 2011

Earlier this month,  the IRS finally withdrew its proposed rule relating to the TEFRA disallowance. The rule, which dates back to August 2006, would have forced Subchapter S banks to apply the 20% TEFRA disallowance not just for the first three years after the bank’s S election, but every year thereafter in which it had interest expense attributable to certain tax-exempt municipal securities. Withdrawal of the proposed rule represents the final chapter in what became a hotly-contested dispute between the Sub S bank community and the IRS—one that ultimately went as far as the U.S. Seventh Circuit Court of Appeals in Chicago.  Read more

IRS Acquiesces to Vainisi Decision

Dec 21, 2010

Victory for S corporation financial institutions as the Internal Revenue Service announces it's acquiescence with the Seventh Circuit Court of Appeals in TEFRA case.  Read more

Congress Overwhelmingly Passes Tax Extender Legislation

Dec 16, 2010

Officially titled the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the bill extends all of the Bush-era tax cuts through 2012.  Read more