Tax law generally prohibits a parent from shifting income from personal services to a child; however, a parent can in some cases effectively shift income to a child by transferring income-producing property to the child.
November 2008 - The Tax Adviser
S CORPORATIONS
Current Developments in S Corporations (Part II)
This article discusses S corporation eligibility, elections, and termination issues, including guidance for changes made by the American Jobs Creation Act of 2004 and the Gulf Opportunity Zone Act of 2005 , significant issues related to second class of stock, and a notice that provides a simplified method to make an S election.
employee benefits & pensions
Current Developments in Employee Benefits and Pensions (Part I)
This article focuses on new guidance regarding executive compensation and welfare benefits.