Wednesday, June 16, 2010

VSCPA Expresses Concern Over Section 413 of the American Jobs and Closing Tax Loopholes Act of 2010

On June 14, the Virginia Society of CPAs (VSCPA) sent a letter to select members of the Senate Committee on Finance and House Committee on Ways & Means to express our concerns about certain aspects of Section 413 of the “American Jobs and Closing Tax Loopholes Act of 2010” (the 2010 Act).

The letter states: "This proposal not only threatens to result in a significant increase in taxes and complexity for S corporations and their shareholders, and for certain limited partners, but it continues the definitional blurring between capital and labor begun in the general partnership arena by further expanding laws that were clearly established to tax-only labor. We are also concerned that the proposal may reduce Social Security benefits for certain retirees."

Read the full comments here.

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