Comment by ilamont
3 years ago
Wow. I had no idea this was happening. Not a peep from my accountant, either.
I have an S-Corp so "profit" would pass through to my personal taxes.
I've found over the years that most people writing and administering tax and business regulations at the local, state, and federal level have little clue about the needs of small businesses, whether it's a software startup or a local pizza place.
My expensive accountants didn’t bother mentioning the Section 174 changes because like every year since the 50’s that law has been delayed or overridden through other legislation.
Manchin killed the bill last year that would have extended the protection from 174…
One politician cannot be held responsible for a bill not passing that requires the votes of many others.
Are you aware of how the Senate has been operating for the past few years? A single Senator can indeed scuttle entire legislation.
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Sometimes I think we're better off when one party or the other has more of a majority in congress, so the whole institution isn't so vulnerable to the wingnuts.
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Not sure if this is widely known but none of those people read anything in the bills unless an important person tells them to care about a specific clause.
True. The bills are literally hundreds of pages long.
Correct, my company is a partnership LLC and these "phantom profits" are going to flow through to me personally to owe taxes on.
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