This update on recent developments in taxation relating to S corporations includes cases and rulings on eligible shareholders, electing small business trusts, inadvertent S election terminations, and other issues, as well as changes made by the TCJA.
The AICPA S Corporation Taxation Technical Resource Panel offers a summary of recent court decisions and IRS guidance.
Taxing authorities have sought to incorporate adequate lead time into the tax filing process.
The potential effect of the built-in-gain tax is often a significant consideration during pending acquisitions involving an S corporation.
With its scores of new and extended provisions, the American Taxpayer Relief Act offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future.