Tax policy, politics, and more from a Main Street perspective. Hosted by Brian Reardon, President of the S-Corp Association based in Washington, D.C.
Joe Lieber is a founder and co-managing partner of Capitol Policy Partners, a veteran DC insider and a three-time TTT podcast guest! Joe kicks things off with an overview of the tariff debate and where he thinks things are headed, how the bond markets will react, and whether the levies can be rolled into the budget reconciliation package. We then turn to tax policy, where Joe gives his bull case for the massive tax and spending bill and how it will scale numerous hurdles to get to the President's desk.
Between tariffs and budget resolutions, it's been an eventful and busy week here at S-Corp central. To cover it all, we're joined by three-time podcast guest Ryan Ellis, the President of the Center for a Free Economy and an IRS Enrolled Agent. Ryan gives us his unvarnished take on the tariffs, the Senate budget resolution, baseline budgeting, SALT Parity, Republican tax hikes and more.
The Corporate Transparency Act enforcement has been on quite a roller coaster in the past two months, so Main Street businesses can be forgiven if they have lost track of their filing obligations. To help shed some light on the issue, we're joined by Caleb Kruckenberg, the Center for Individual Rights' Litigation Director. Caleb breaks down the latest rulings out of SCOTUS and the Texas Eastern District, the interplay between cases currently being appealed in the Eleventh and Fifth Circuits, additional challenges that have been filed across the country, and the Trump administration's response.
Our guest this week is Ken Kies -- Managing Director of the Federal Policy Group, a former Chief of Staff at the JCT, and one of DC's foremost tax policy experts. Ken discusses the looming “fiscal cliff” and what it means for pass-throughs, outlines the long-term fiscal imbalance we face, and shares his best marathon training tips.
Our latest podcast guest is Carol Roth, a New York Times bestselling author, small business advocate and most recently, a staunch ally in the fight to repeal the burdensome and ill-conceived Corporate Transparency Act. Carol starts by talking about how her time in the investment banking world exposed her to the uneven playing field between small businesses and larger corporations, and how that experience led her to become a Main Street advocate. Later she dives deep into the CTA and its onerous reporting requirements, her recent testimony on Capitol Hill that focused on the new statute, and the many compliance horror stories she's heard from small business owners nationwide. You can connect with Carol at CarolRoth.com/news or on X (@CarolJSRoth)
The Corporate Transparency Act is now in effect, imposing complex reporting requirements on every small business in the country, and many large ones too. But what if the person best equipped to assist those businesses with compliance – your local CPA --wasn't allowed to do so? To explore this dynamic, we talked to Jim Hamill, Director of Tax Practice at the Albuquerque-based accounting firm Reynolds, Hix, and Company and an Associate Professor of Accounting at Texas A&M Commerce. Jim explains how the CTA puts tax professionals in a bind and forces them to choose between helping their clients and possibly engaging in unauthorized practices. He also explores how difficult the CTA's “beneficial owner” definition is to pin down, why compliance will cost small businesses far more than FinCEN estimates, and how it is all unlikely to deter money laundering.
Our latest guest is Scott Hodge, who is president emeritus at the Tax Foundation and author of the excellent new book Taxocracy: What You Don't Know About Taxes and How They Rule Your Daily Life. Through the lens of history's most ill-conceived taxes – like the “chicken tax” and 17th century “window tax” – Scott explains how tax policy shapes virtually every aspect of our lives and drives human behavior. He and Brian then discuss more recent policies, including the SALT cap and proposed wealth tax, the ongoing (and often misguided) debate over book versus tax accounting, and the pivotal role that S corporations play in all of it. Scott's book is available for pre-order and comes out on April 9. This episode of Talking Taxes in a Truck was recorded on March 1, 2024, and runs 49 minutes long.
We're just two weeks into the New Year and Washington is already abuzz with potential deals on spending and taxes. What's in the bill? What's out? Can lawmakers get it across the finish line? This week we're joined by Jon Lieber, head of research and managing director for the United States at Eurasia Group. Jon makes the bull and bear cases for a tax package moving and how it all affects the 2025 fiscal cliff landscape. Later he discusses what's at stake for Main Street businesses in the upcoming elections and the looming debt crisis facing the American economy.
Congress may have skipped tax policy this year, but the states have been busy. To get an idea of where things stand both good and bad, we talked to Jared Walczak, Vice President of State Projects at the Tax Foundation and one of the more active players in this space. Our conversation starts with the wealth taxes several states have proposed in recent months, the important but ignored Antio case moving through the Washington State courts (look out investors!), and a quick review of the record number of states implementing rate cuts reforms this year (go states!). We close by discussing some of the more bizarre state-level taxes that are still on the books.
Congress is in overdrive tackling its legislative to-do list and things are starting to pile up on the tax policy front. To help us keep track of it all we're joined by repeat podcast guest Ryan Ellis, Enrolled Agent and President of the Center for a Free Economy. Ryan kicks things off with a look at the latest developments on Capitol Hill, including the election of House Speaker Mike Johnson, rumors of a SALT cap deal, and ongoing negotiations over a year-end tax package. Ryan then draws on his experience as an IRS Enrolled Agent to talk IRS funding and the tax gap, and shares his thoughts on how the Supreme Court could shape the tax code through Moore v. U.S.
How far will the Supreme Court go when it takes up Moore later this year? Will the IRS need to start writing refund checks? Is the entire pass-through regime in jeopardy? Can civil society survive? To answer these questions, we're joined by repeat podcast guest and S-Corp ally George Callas, EVP of Public Finance at Arnold Ventures and a long-time respected voice in the Capitol Hill tax policy world. George breaks down the 2017 tax law, what the suit alleges, and what's at stake for S corporations and investors alike.
Our latest podcast guest is Kevin Kuhlman, Vice President of Federal Government Relations at the National Federation of Independent Business (NFIB). Kevin kicks things off by recapping his testimony before the House Financial Services Committee, and explains how the Corporate Transparency Act's reporting rules will saddle the small business community with unprecedented compliance costs and the threat of hefty fines and jail time, while doing virtually nothing to combat illicit activity. Later he discusses the strong show of support in the House for Rep. Lloyd Smucker's Section 199A permanence bill, the Main Street Tax Certainty Act (H.R. 4721); how small businesses have been harmed by the new R&D expensing regime; and the prospects for a big tax package sometime this year.
This week's guest is Tony Simmons, the former President and CEO of McIlhenny Company and long-time Chairman of the S Corporation Association. Tony shares the history of Tabasco – starting with a single pepper plant back in 1868 and now a storied worldwide brand – as well as the importance of family-owned businesses and the role that tax policy plays in deciding whether to pass a company down from one generation to the next. This episode of the Talking Taxes in a Truck podcast was recorded on June 22, 2023, and runs 35 minutes long.
For today's Debt Ceiling-themed episode, we're joined by repeat guest Joe Lieber, Director of Research at Washington Analysis, an institutional research firm that closely tracks the goings-on in Congress. Joe offers his thoughts on the debt limit negotiations and the odds of a deal being reached, the surprising dynamics within the House Republican caucus, and which provisions are likely to emerge from a potential deal. Later he breaks down how Wall Street and Main Street are reacting to the impasse, what a default on US debt would look like, and the broader implications of growing debt and deficits to S corporations and other taxpayers.
Fresh off of her triumphant visit to Capitol Hill we're joined by Lynn Mucenski-Keck, an S-CORP Advisor and Principal at top-25 public accounting firm Withum. Lynn recaps her appearance before the House Small Business Committee, including the specific tax provisions discussed, her back and forth with some of the panel's members, and her thoughts on the whole experience. Later we discuss IRS funding, advice for aspiring CPAs, and how Artificial Intelligence might shape the accounting profession in the years to come.
With the 118th Congress underway, there's a general sentiment that the next two years of divided government will be a quiet place for tax policy. To explore that question we invited Marc Gerson, Miller & Chevalier's Tax Department Chair and longtime S-CORP ally, for a return visit to the podcast. Marc breaks down the tax policy to-do list facing Congress, runs through the actions Treasury might take in lieu of congressional action, and reminds us that, in Washington, no bad idea ever truly dies. Brian and Marc also cover the House rules package, the 2025 fiscal cliff, and the upcoming Nats season.
If you operate a business, your inbox is probably full of solicitations from firms promising a big payday through the Employee Retention Credit. We receive several a day, which got us wondering – what's the real story here? To address that question and more, we invited Lynn Mucenski-Keck, a Principal at Withum and prolific writer on federal tax policy to discuss the history of the ERC, the interplay between the credit and the Section 199A deduction, and why promises of free ERC money should be approached cautiously. We also discuss the lame duck Congress, the prospects for a holiday tax package, and her latest go-to winter recipes. For those interested, Lynn's Forbes article referenced by Brian can be accessed by clicking here. This episode of the Talking Taxes in a Truck podcast was recorded on December 6, 2022, and runs 42 minutes long.
For this special Midterm Elections-themed podcast we're joined by Jade West, Chief Government Relations officer at the National Association of Wholesaler-Distributors and Liam Donovan, a Principal at Bracewell. Jade, Liam, and Brian kick things off by talking about whether we can expect a “Red Wave” in the House – and if so, how big. Later the group breaks down each of the hotly-contested Senate races, and explains why the polls might be wrong once again. We close things out with predictions, election-night surprises, and hear from Brian about his high school days with Colorado Republican candidate Joe O'Dea. This episode of the Talking Taxes in a Truck podcast was recorded on November 3, 2022, and runs 44 minutes long.
Our latest podcast guest is Kelly Phillips Erb, managing shareholder at the Erb Law Firm, Team Lead for Insights and Commentary at Bloomberg Tax and Accounting, and the face behind the excellent @TaxGirl Twitter account and taxgirl.com blog. Kelly kicks things off with an overview of the ENABLERS Act, and explains how the broadly-written bill could put millions of law-abiding businesses and employees in the Treasury Department's crosshairs. Later, Kelly and Brian do a deep dive on the $80 billion in new IRS funding, discuss the issues keeping Kelly's clients up at night, and lay out the prospects for a lame duck tax package.
Our podcast guest is Liam Donovan, a Principal at Bracewell LLP and certified “bluecheck” commentator on national politics. Liam and Brian discuss the latest K Street rumors of a resurrected Build Back Better Act, how the Twitter-sphere helped debunk the “plan” and why, despite all this, it's still too early to declare the effort dead. Liam also shares his thoughts this week's primaries and lays down his predictions for the House and Senate this fall. We close out with a trip down Hoyas basketball memory lane, a harsh critique of Maryland drivers, and a movie recommendation.
Back by popular demand is guest Joe Lieber, Director of Research at policy research firm Washington Analysis. Joe dives into the implications of the recent primary elections and highlights which House and Senate races he's watching most closely. Then Joe and Brian debate just how dead the Build Back Better Act is and Joe lays out a compelling – and terrifying – case for why it still could pass in the coming months. We wrap things up with some predictions, a poorly-worded question about tacos, and an exploration of luxury travel. This episode of Talking Taxes in a Truck was recorded on May 25, 2022, and runs 33 minutes long.
On this special Detroit edition of the Talking Taxes in a Truck podcast, we're joined by Chris Smith, President of Summit Global Strategies and Executive Director of the Main Street Employers Coalition. Chris and Brian kick off the episode by debating what effect the leaked Supreme Court draft decision will have on the tax policy outlook, and the odds of an overhauled Build Back Better Act being passed in the coming months. They also break down the reconciliation bill's various tax hikes, and explain how they specifically target family businesses. Finally, Chris shares his favorite DC activity, the origins of his middle name, and his predictions for the November midterm elections.
On our latest episode we're joined by Miller & Chevalier Tax Department Chair, veteran tax policy expert, and longtime S-Corp ally Marc Gerson. Marc breaks down recent comments from Senator Joe Manchin that outlined a reconciliation bill he might support, the prospects for tax legislation in the coming months, and why even a “slimmed down” legislative package presents considerable risk for Main Street businesses. Marc also talks tax extenders, the fate of the Section 163(j) interest deduction cap, and whether the Washington Nationals will break .500 this year. The Top 10 Questions post from Miller & Chevalier that Brian references can be accessed here.
Our latest podcast guest is Lynn Mucenski-Keck, a Partner at New York-based tax and consulting firm The Bonadio Group and author of an excellent piece in Forbes that recently caught our attention. Lynn walks us through the various tax hikes included in the latest House tax bill, and highlights the threat they pose to the pass-through business community. She also sheds some light on how she's helping clients navigate this uncertain future, and even reveals her favorite winter cooking recipes.
On our latest episode we're joined by Jade West, the National Association of Wholesaler-Distributors' Chief Government Relations Officer and Courtney Titus Brooks, Senior Manager of Federal Relations at the National Federation of Independent Business. Jade and Courtney break down what's in the latest legislative framework (and why it's bad for Main Street businesses), and how last week's failed vote in the House, comments from Senator Joe Manchin, and other recent events affect its chance of passage. They also explain how the Virginia gubernatorial race ties into the frenzied effort to move a reconciliation bill, and lay out their predictions for the next two months.
On our latest episode, Kevin Kuhlman, a Vice President of Federal Relations at NFIB, walks through the results of their latest research, and details the extent to which Main Street businesses have been kneecapped by severe revenue losses, labor shortages, supply chain disruptions, and rising prices over the past 18 months. Add in the harm these businesses will suffer under the House tax hike bill and what the new Senate debt limit deal means for the timing of any potential tax hikes, and this is a “must listen” edition of the Talking Taxes in a Truck podcast.
This week, Democrat leadership announced they had agreed to a “framework” on the revenue portion of their $3.5 trillion reconciliation bill. But with moderates and progressives at odds over both the timing and content of the final product, what exactly does this mean? Will a vote on the bipartisan infrastructure package take place Monday? When might we see a package that could actually pass the Senate? Or the House? Our guest, Joe Lieber, Director of Research and Political Analyst at Washington Analysis, is back to demystify it all and clarify where things go from here. This episode of Talking Taxes in a Truck was recorded on September 23rd and runs 32 minutes long.
Jade West, Chief Government Relations Officer at the National Association of Wholesaler-Distributors, is our latest podcast guest. Jade breaks down the dynamic between the bipartisan infrastructure bill and Democrats' $3.5 trillion package, reveals which potential tax hikes she's most worried about, and gives odds on legislation being enacted this year. This episode of Talking Taxes in a Truck was recorded on August 12, 2021, and runs 26 minutes long.
Our latest podcast guest is Ryan Ellis, President of the Center for a Free Economy and an IRS enrolled agent. Ryan gives us his take on a proposal to increase IRS funding and create new bank reporting requirements, recent “tax gap” estimates, and the fate of the $3.5 trillion budget agreement unveiled earlier in the week. This episode of Talking Taxes in a Truck was recorded on July 14, 2021, and runs 26 minutes long.
In this episode, Joe Lieber, Director of Research and Political Analyst at Washington Analysis, LLC, gives us his take on the bipartisan infrastructure deal, what a future tax package might look like, and what he's cooking this Fourth of July weekend. Our latest Talking Taxes in a Truck was recorded on July 1, 2021, and runs 19 minutes long.
With Treasury's Green Book hot off the presses, we asked Tax Notes Chief Economist Marty Sullivan to review the ins and outs of the Biden administration's latest tax proposals – from retroactive capital gains taxes to taxing book income to potential changes on the international front. Marty gazes into his crystal ball to give us odds on legislative action this year, and then informs us where the best urban hiking trails are. Our latest “Talking Taxes in a Truck” was recorded on June 2, 2021, and runs 46 minutes long.
Scott Hodge, President of the Tax Foundation, joins to discuss details of the Biden administration's latest tax proposal, the economic effects of policies being considered (spoiler alert: they're not good), and his recent appearances before the Senate Finance and Budget committees. Scott also shares his predictions on the Washington Nationals' prospects this year, and debates Brian on motorsports. Our latest “Talking Taxes in a Truck” podcast was recorded on April 28, 2021, and runs 21 minutes long.
Tori Gorman, Policy Director for The Concord Coalition, joins our podcast to discuss the intricacies of the budget reconciliation process, its role in moving the latest Covid relief package, whether policies like a $15 minimum wage can be advanced through reconciliation, and what the upcoming fights over process mean for the tax outlook in 2021. Our latest “Talking Taxes in a Truck” podcast was recorded on February 22, 2021, and runs 28 minutes long. Editor's Note: At 1:15, Brian incorrectly describes Tori's past role at the Senate Budget Committee as “Counsel.” Her title on the committee was “Parliamentarian.”
George Callas, Managing Director of Government Affairs and Public Policy at Steptoe, discusses the tax outlook under President Biden and the new Democratic Congress, including upcoming stimulus debate, health care reforms, and the possibility of estate and capital gains tax hikes and when those might be effective. Our latest “Talking Taxes in a Truck” podcast was recorded on January 12, 2021, and runs 29 minutes. Editor's Note: George would like to change his prediction that the Chiefs win the Super Bowl. He says it'll be the Packers. You can access the podcast on Libsyn by clicking here.
Doug Badger, former Deputy Assistant to the President and misguided Phillies fan, talks COVID-19, what needs to happen for the economy to reopen, and the prospects for baseball to return in our latest “Talking Taxes in a Truck” podcast. Recorded on June 26, 2020 — 23 minutes. You can access the podcast on Libsyn by clicking here.
David Winston, President of the Winston Group, a super-smart strategic policy and research firm based in Washington DC, says there are three phases to the COVID-19 response. Which one are we in now? Find out by listening to our latest “Talking Taxes in a Truck” podcast. We cover the effects of the coronavirus shutdown on businesses and consumers and where things are headed. Will it be new normal or business as usual? Recorded on May 28, 2020 — 22 minutes.
Where are we headed on COVID-19? Find out by listening to our latest “Talking Taxes in a Truck” podcast featuring James Lucier, Managing Director at Capital Alpha Partners, one of DC's top strategic policy research and political forecasting firms. We cover the latest on the policy response to the coronavirus and what it all means. Recorded on April 8, 2020 — 31 minutes. You can access the podcast on Libsyn by clicking here. Music from https://filmmusic.io "Whiskey on the Mississippi" by Kevin MacLeod (https://incompetech.com) License: CC BY (http://creativecommons.org/licenses/by/4.0/)
In a truckless "Talking Taxes in a Truck", Tom Nichols and Brian Reardon host an S-Corp Member call covering essential parts of Phase II and Phase III bills passed by Congress in response to the COVID-19 pandemic, including: The new mandated leave provisions; The delayed income tax deadline and payroll tax holiday; and The new small business loan program Tom Nichols is a shareholder at Meissner Tierney Fisher & Nichols in Milwaukee and the long-time Chair of the S Corporation Association Advisory Board. Brian Reardon is the President of the S Corporation Association. You can listen to the call by clicking here. The Powerpoint that accompanied the call can be accessed here. Music from https://filmmusic.io "Whiskey on the Mississippi" by Kevin MacLeod (https://incompetech.com) License: CC BY (http://creativecommons.org/licenses/by/4.0/)
Did you miss Saint Patrick's Day? We did too. It isn't even mentioned In our third podcast where we talk to Jim Capretta, former OMB official and resident fellow at the American Enterprise Institute. Topics we do cover include the policy response to the coronavirus and what health policy will look like leading up to the election. Recorded on March 17, 2020 — 22 minutes. You can access the podcast on Libsyn by clicking here. Music from https://filmmusic.io "Whiskey on the Mississippi" by Kevin MacLeod (https://incompetech.com) License: CC BY (http://creativecommons.org/licenses/by/4.0/)
S-Corp Association President Brian Reardon talks pass-through SALT parity and the recent “Steiner” Utah Supreme Court decision with Bruce Ely, Partner and S corporation expert at the Bradley Law firm in Birmingham Alabama. Running time: 19.16 Music from https://filmmusic.io "Whiskey on the Mississippi" by Kevin MacLeod (https://incompetech.com) License: CC BY (http://creativecommons.org/licenses/by/4.0/)
Recorded February 5, 2020 Talking Taxes In a Truck Episode 1 Cornerstone Macro Partner Andy Laperriere talks elections, the State of the Union, the future of tax policy, and UFOs with S Corporation Association President Brian Reardon in the inaugural “Talking Taxes in a Truck” podcast. Running time 21.11 minutes. Music from https://filmmusic.io "Whiskey on the Mississippi" by Kevin MacLeod (https://incompetech.com) License: CC BY (http://creativecommons.org/licenses/by/4.0/)
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