AICPA Supports Statutory Due Date Change for S Corporation Elections
Legislative Letters :
In response to the Introduction by Senator Al Franken of S. 2271 the Small Business Election Simplification Act (formerly called the Small Business Fast Track Election Act) that would allow new corporations to make an S election with the first filed Form 1120S, the AICPA has lended its support by
Published on May 04, 2012
AICPA Urges Congress to Conform S Corp Sting Tax to the PHC Rate
Comment Letter :
This letter to Congress urges the reduction of the tax on passive investment income to conform to the similar changes made by JGTRRA of 2003 for personal holding companies and with regard to the accumulated earnings tax.
Published on March 29, 2012
AICPA Opposes Joint Tax Committee Self-Employment Tax Proposals to Help Close the Tax Gap
Comment Letter :
The AICPA opposed proposals made by the Joint Tax Committee that would expand the self-employment tax base as part of an effort to close the tax gap.
Published on March 29, 2012
IRS Doesnt Always Address Subchapter S Corp Officer Compensation During Examinations - July 5, 2002
Report :
Presented are the results of a review of the Internal Revenue Service's (IRS) Subchapter S Corporation Officer Compensation Examinations to determine whether the IRS is effectively identifying taxpayers not reporting Subchapter S Corp officer compensation.
Published on March 09, 2012
AICPA Requests Guidance on the S Corporation Maximum Section 179 Deduction When Member of a Controlled Group Under Secti...
Comment Letter :
IRS finalized regulations under section 1563 in April, 2011 that addressed whether S corporations that were memebrs of a controlled group of corporations would be limited in the amount of section 41 credit (research and development) based on their stati as component members of that controlled group. The AICPA has
Published on March 06, 2012
AICPA Advocates for E-filing and other Changes for Form 2553, Election by a Small Business Corporation
Comment Letter :
AICPA comment letter on e-filing of Form 2553 while better coordinating with Form SS-4 submissions; adding detail to the Form regarding type of shareholders and how stock is held; clarifying signature requirements in the case of a limited liability company with an S election; and eliminating certain personal information that
Published on May 06, 2011
S Corporations
Article :
This section contains analysis of legislative issues, comments and other topical information regarding S corporation taxation.
Published on August 05, 2010
June 9, 2010 Letter to Congress Commenting on S Corp Self-Employment Tax Proposal
Comment Letter :
AICPA has written a letter to Congress (June 9, 2010) regarding its proposal to subject certain S corporation shareholders to self-employment tax. The AICPA pointed out numerous problems with the legislative proposal many of which are likely unintended consequences.
Published on August 05, 2010
June 14, 2010 Letter in Support of Snowe Amendment to Strike S Corp SECA Tax
Comment Letter :
AICPA has written a follow-up letter to Congress (June 14, 2010) indicating support for the Snowe-Enzi-Ensign Amendment to strike a provision from the American Jobs and Closing Tax Loopholes Act of 2010 that would have subjected certain small S corporation owners to the self-employment tax for the first time.
Published on August 05, 2010
H.R. 4213, Section 413 - Employment Tax Treatment of Professional Service Businesses
Comment Letter :
The AICPA is concerned about certain aspects of Section 413 of the American Jobs and Closing Tax Loopholes Act of 2010 (the 2010 Act) and has the following comments that we hope you will consider as the Senate works towards constructing and finalizing its version of this important legislation.
Published on June 15, 2010
AICPA Supports the Mobile Cell Phone Act of 2008
Comment Letter :
According to a 2004 NFIB Small Business Poll, 78% of small-business owners use a cell phone for business purposes. Documentation regarding AICPA's support of the MOBILE Cell Phone Act of 2008 is provided. The bill reclassifies cell phones and personal digital assistants (PDAs) from listed property to business property.
Published on May 06, 2010
AICPA Comments on H.R. 22, The Individual & Small Business Simplification Act of 2003
Comment Letter :
AICPA states now is the time to simplify the Internal Revenue Code. As H.R. 22 proposes, Congress must first repeal the alternative minimum tax (AMT) then simplify and harmonize the definitions and qualifications, and other associated steps.
Published on April 30, 2010
S Corporation Reform Proposals
Comment Letter :
AICPA provides important provisions that should be a part of the S Corporation Modernization Act of 2006, the first 6 being introduced in prior versions of the bill. They have included detailed explanation for their recommendations.
Published on April 30, 2010
Comments on Tax Technical Correction Act of 2009 - Taxable Year vs. Tax Year
Comment Letter :
Published on April 28, 2010
Rev
Comment Letter :
Read the revenue procedure setting forth the procedures under which S corporations will not be subject to the penalty imposed by section 6699 of the Internal Revenue Code for the failure to file an S corporation return.
Published on April 08, 2010