Tax Reform

Small Business Insider By Karen Kerrigan- The “Tax Cuts and Jobs Act” (TCJA) was signed into law on December 22, 2017, and the U.S. Treasury Department continues to work on guidance for some of its more complex provisions. A good number of these provisions impact entrepreneurs and small businesses, and the IRS has established an […]

SBE Council joined 30 business organizations and signed a letter to IRS Commissioner Charles Rettig requesting that the Treasury Department revise relevant guidance to allow taxpayers with deferred §965 tax liabilities to choose how their tax overpayments are applied. As noted by the groups in the letter current guidance is inconsistent with Congressional intent and […]

It’s the final year of Obamacare’s individual mandate tax penalty, and CMS has detailed an additional process for providing relief for consumers   By Karen Kerrigan- On September 12, the Centers for Medicare & Medicaid Services (CMS) announced a streamlined way for consumers to claim a hardship exemption on their 2018 federal income tax return from […]

Small Business Insider   by Raymond J. Keating- Normally, you can count on the states of California and New York to inflict the most burdensome taxes on pretty much anything. Well, that’s not the case when it comes to at least one product – wine. Along with Kansas, Wisconsin and Texas, California and New York […]

Small Business Insider by Raymond J. Keating- It’s always troubling when after reading an article, you have to go back to see if the piece appeared in the news, analysis or commentary section of the newspaper or website. That was the case with an August 6 Wall Street Journal piece titled “U.S. Corporate Tax Cuts […]

NEWS FOR IMMEDIATE RELEASE Washington, D.C. – Today, the Internal Revenue Service (IRS) issued proposed regulations on the new 20 percent small business “pass-through” deduction (Section 199A) included within the “Tax Cuts and Jobs Act.” Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan welcomed the proposal: “We look forward to commenting […]

by Raymond J. Keating- The Tax Cuts and Jobs Act (TCJA) that was passed and signed into law in December 2017 served as a good start in moving our burdensome tax system in a pro-growth, pro-entrepreneur, pro-investment direction. The House Ways and Means Committee is working to keep the ball rolling forward with its Tax Reform […]

   6th Month Celebration and Progress Report By Karen Kerrigan- On June 29, I had the opportunity to attend a White House celebration to mark the 6th month anniversary of the “Tax Cuts and Jobs Act.”  President Trump spoke about the strength of the economy and how tax relief was fueling investment, wage growth, job […]

On June 20, 2018, SBE Council President & CEO Karen Kerrigan testified before the House Financial Services Committee on the topic of “Empowering a Pro-Growth Economy by Cutting Taxes and Regulatory Red Tape”.  Kerrigan reported on how the “Tax Cuts and Jobs Act” is positively impacting small businesses, the economy, investment, wage growth, and overall small […]

By Barbara Weltman- As a result of the Tax Cuts and Jobs Act, small businesses are now at an advantage for some tax rules…as long as they remain small. In this case, “small” means keeping revenues below a $25 million tax tipping point. The expansion and simplification of these rules allows many small businesses to […]