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Tax season is in full swing, and on this episode we're joined again by Ryan Ellis, who brings a front-line perspective to the discussion as an IRS Enrolled Agent. His message is a timely one: Americans are benefiting in a big way from the Working Families Tax Cut Act, but too often don't connect those lower tax bills to the policy changes enacted last year, an important reminder as we head into a midterm cycle and a top priority for our Main Street Employers Coalition's ongoing outreach. From there, Ryan breaks down the outlook for "Reconciliation 2.0," before turning to the growing risks around SALT as New York pursues a "haircut" that could undermine our SALT Parity successes nationwide. We close with a look at the broader state tax landscape and the continued migration away from high-tax, high-regulation states, trends that show no signs of slowing. You can find Ryan's work at the Center for a Free Economy: https://www.centerfreeeconomy.org/ and @cfeconomy on X.com.

On our latest episode we're joined by Jack Salmon, Research Fellow at the Mercatus Center and contributor to The Unseen and Unsaid. Jack helps us walk through how the aggressive tax policies being considered in California and Washington State will likely shrink the tax base in those states as high earners relocate, investment shifts elsewhere, and revenue projections miss the mark. We also touch on the federal tax outlook and some of the massive fraud being uncovered in federal healthcare programs.

On the latest episode of Talking Taxes in a Truck, we're joined by Jared Walczak, Senior Fellow at the Tax Foundation, to unpack California's proposed wealth tax and what it signals for state tax policy nationwide. Walczak explains why the unprecedented 5 percent tax – particularly its aggressive valuation rules for founders with super-voting shares – could dramatically overtax entrepreneurs, invite serious legal challenges, and accelerate capital and job flight. Jared also zooms out to talk national migration patterns, as many states move to cut taxes and boost competitiveness while a small number double down on higher taxes, intensifying interstate tax competition and taxpayer mobility.

Our guest is Tom Nichols, partner at the Milwaukee-based Meissner Tierney Fisher & Nichols, longtime advisor to S-Corp, and author of an excellent new piece exposing the Section 461(l) Excess Business Loss limitation for the money-grabbing fraud it is. Tom walks through the provision's origins, the harm it does to affected businesses, and how flawed revenue estimates drove the policy. We also get into our SALT Parity efforts and how the state laws and legal analysis he drafted helped pave the way for $20 billion in annual tax savings for Main Street businesses.

S-Corp highlighted a recent report by economist Don Schneider quantifying the tax relief millions Americans can expect in the next year as a result of the OB3. It's a big number, so we invited Don, the Deputy Head of US policy at Piper Sandler, to explain why this could be the biggest refund season ever. Don also reviews the future of tariffs (and why they're likely here to stay even if courts weigh in) and shares his thoughts on why the government shutdown might end in early November.

Joe Lieber is a founder and co-managing partner of Capitol Policy Partners, a veteran DC insider and a longtime friend of the TTT podcast. With a government shutdown all but inevitable at this point, we asked Joe how long we can expect this fight to play out, whether a grand bargain is in the offing, and the implications of a prolonged funding lapse. Later we get into the prospects of a year-end tax package and whether businesses should or should not expect a second reconciliation bill (Too Big, Too Beautiful?).

With the One Big Beautiful Bill Act (Working Families Tax Cut?) officially the law of the land, how are private companies responding? And where does tax policy go from here?  We invited EY Private National Tax Leader Dianne Mehany to the podcast to discuss those questions and more. Dianne breaks down the key provisions and how they're playing with clients (199A, SALT, estate tax). Later we discuss the legislative outlook, new country-by-country reporting requirements, and the advantages of a Ford F-150 over Uber.

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.