Last week I had an entry about changes in Social Security and Medicare tax for professional S Corporations. When I published this entry it looked almost certain that the Senate was going to go along with the bill that had passed the House. The provision was part of a bill that was going to extend unemployment benefits. Everyone said it was a slam dunk.
Oops. As I write this the bill has not gotten through the Senate and there are attempts to strip the S corporation provisions out of the bill. See the following Update on S Corporations:
The American Jobs and Closing Tax Loopholes Act of 2010 did not get enough votes to proceed in the Senate on Wednesday, leading Senate Finance Committee Chairman Max Baucus, D-Mont., to modify several provisions within the bill, including one that would raise taxes for certain S corporations.
Sorry... I will keep you posted.
Larry Kopsa CPA
