Tax E-Alerts
News you can use on tax regulations, court decisions, legislation, and practice management.
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S Corporations This section covers legislation and provides the user with tools and aids and useful Web site links related to S Corporations and Taxation.
This section covers legislation and provides the user with tools and aids and useful Web site links related to S Corporations and Taxation.
AICPA Comments on Proposed Open Account Debt Regs
September 6, 2007. In response to the 2005 Brooks Tax Court case ruling that taxpayers had valid open account debt even though large advances were made at year end only to be repaid in the first few days of the new year (taxpayers repeated this process for several consecutive years), the IRS proposed regulations severely limiting the use of open account debt and burdening all S corporations with daily monitoring obligations because it believes that the Brooks case is an example of how the rules are being severely abused. The AICPA has asked that the rules be withdrawn or at least significantly modified. Learn More>>
AICPA Proposes Revenue Ruling on S Corp Shareholder Health Insurance Deductions
December 27, 2006. Is a shareholder-employee of an S corporation allowed an above-the-line deduction under section 162(l) of the Internal Revenue Code for health insurance premiums paid with respect to a policy purchased in the shareholder's own name? The AICPA has issued a response to IRS Headliner Volume 163, published on the IRS Web site on May 15, 2006. Learn More>>
Renewed Focus on S Corp. Officer Compensation
May 2004. A Tax Adviser article that examines the factors necessary under case law to require S corporations to pay employment taxes on behalf of owners. The article was prompted by a recent Treasury Inspector General report on the subject. Learn More>>
Sample Private Letter Ruling Requests to Correct Invalid S Corporation Elections and Inadvertent Terminations
When a would-be S corporation or an S corporation that inadvertently terminates its election fails to qualify for automatic election/termination relief, it has to often request relief through the expensive and time consuming private letter ruling process. Learn More>>
Qualified Subchapter S Subsidiary (Qsub) Practice Guide
This comprehensive practice guide explains the things you need to know to get comfortable using this relatively new tax creature and includes a checklist to walk you through elections, terminations and the tax effects of using Qsubs. Learn More>>