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As a tax practitioner, you may have contemplated adding personal financial planning services to your practice. There is a natural progression to go from being your client's most trusted tax advisor to also being their most trusted personal financial advisor. But you have questions: will it be profitable? How do I get started? What are other CPA firms doing? All of these questions are addressed in a new research study published by the AICPA's PFP Section that can show you how to expand your services into this lucrative niche area that is a great compliment to your tax practice.

The Personal Financial Planning Section of AICPA and Moss Adams LLP are pleased to announce the results of their first joint study of CPA financial planning and advisory practices- AICPA/Moss Adams CPA Financial Planning Practice Study.

Click here for more information

 
Tax Home > Resources > S Corporations > Proposed Revenue Ruling Trusts shouldnt need ESBT or QSST Elections for Corporation to meet Golden Parachute Exemption for Small Businesses
Proposed Revenue Ruling - Trusts shouldn't need ESBT or QSST Elections for Corporation to meet Golden Parachute Exemption for Small Businesses

A deduction is disallowed for excess Golden Parachute payments. But a small business exemption is available for corporations that meet a modified definition in the S corp rules of section 1361(b). The Service has previously ruled that to be a small business corporation for purposes of section 280G’s Golden Parachute regime, an election under Subchapter S is not required. A question remains about whether the exemption applies where the corporation is owned by trusts that otherwise meet the 1361(b)(1)(B) shareholder requirement except that they do not have an ESBT or a QSST election in place. We have asked the IRS to rule that the failure to make such election, impossible where the corporation is not an S corporation, will not remove the corporation from the small business corporation exemption.

Download Proposed Revenue Ruling - Golden Parachute

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