FROM NSA
Sub S Provision No Longer in Loophole Closing Act
As we reported on June 25, many NSA members expressed concern about a provision in the American Job and Tax Loophole Closing Act of 2010 that would limit individuals from routing self-employment income through a Sub S corporation. We are pleased to report that this and a number of other provisions were removed from the bill prior to passage. The bill, as amended, was renamed the Unemployment Compensation Extension Act of 2010 and signed into law this week. The only other substantive provision in the Act is the extension of the First Time Homebuyer credit for those who had entered into binding contracts by April 30.
We caution that the Sub S provision may find its way into other legislation this year and we urge all interested in this matter to stay tuned.
Sub S Provision No Longer in Loophole Closing Act
As we reported on June 25, many NSA members expressed concern about a provision in the American Job and Tax Loophole Closing Act of 2010 that would limit individuals from routing self-employment income through a Sub S corporation. We are pleased to report that this and a number of other provisions were removed from the bill prior to passage. The bill, as amended, was renamed the Unemployment Compensation Extension Act of 2010 and signed into law this week. The only other substantive provision in the Act is the extension of the First Time Homebuyer credit for those who had entered into binding contracts by April 30.
We caution that the Sub S provision may find its way into other legislation this year and we urge all interested in this matter to stay tuned.