The American Bankers Association today joined more than 100 trade organizations in a letter of support for H.R. 216, the Main Street Tax Certainty Act of 2019—a bipartisan bill introduced by Reps. Jason Smith (R-Mo.) and Henry Cuellar (D-Texas) in the House.
While generally positive, preliminary analysis of the final pass-through rules suggests mixed results for a few issues of concern to S-corp banks.
ABA, the Independent Community Bankers of America and the Subchapter S Bank Association today filed a comment letter on the IRS’ proposed regulations implementing the 20 percent deduction for pass-through entities under the 2017 tax reform law.
As Treasury and the IRS work to implement the new tax reform law, the American Bankers Association has published a new staff analysis on the recently proposed regulations that would implement the 20 percent deduction that pass-through entities, including Subchapter S corporations, can take under the 2017 law.
The Internal Revenue Service and the Treasury Department today issued proposed regulations implementing the 20 percent deduction that pass-through entities, including Subchapter S corporations, can take under the 2017 tax reform law.
As the Treasury Department develops guidance to implement Section 199A of the Tax Cuts and Jobs Act, it should be clear that Subchapter S banks are eligible for the section’s pass-through deduction as Congress intended, a group of trade associations said yesterday.
Banks may need to reassess whether being treated as a corporation or a pass-through is more advantageous.
The House this afternoon passed the final version of the long-awaited tax reform bill, which would bring about the first fundamental changes to the U.S. tax code in more than three decades.
Late Friday, House and Senate tax committee leaders released the final legislative text of the tax bill that has been approved by the conference committee tasked with reconciling the two chambers’ bills.
After a flurry of last-minute amendments closely tracked by ABA, the Senate overnight voted to pass a sweeping tax cut and reform bill.