S Corporations
Overview :
This section covers legislation and provides the user with tools and aids and useful Web site links related to S Corporations and Taxation.
Published on May 04, 2012
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
S Corporation Buy-Sell Checklist
Checklist :
Tax Section members can take advantage of the S corporation buy-sell checklist to help ensure that shareholders dont unknowingly transfer stock or stock rights to ineligible shareholders or that a second class of stock is not created.
Published on April 13, 2012
Checklist to Determine if a Trust is a Valid S Corporation Shareholder
Practice Aid :
This AICPA practice aid contains a checklist, flowcharts, sample letters, an ESBT-S Portion calculation worksheet, and key primary materials related to the various trusts that can qualify as S corporation shareholders. The goal is to assist you in making certain that such trusts (QSST, ESBT, Inter Vivos, Subpart E) properly
Published on April 13, 2012
QSub Practice Guide
Practice Aid :
In 1996, Congress for the first time allowed S Corporations to own 100% of another corporation and thus take advantage of certain rules related to affiliated corporations. This Practice Guide includes 115 pages including six chapters and three appendices replete with examples, a checklist, related Subchpater C concepts, and primary
Published on April 12, 2012
QSub Practice Guide
Practice Aid :
In 1996, Congress for the first time allowed S Corporations to own 100% of another corporation and thus take advantage of certain rules related to affiliated corporations. This Practice Guide includes 115 pages including six chapters and three appendices replete with examples, a checklist, related Subchpater C concepts, and primary
Published on April 12, 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
AICPA Postmortem Checklist for S Shareholders
Practice Aid :
Access a postmortem planning checklist for S corporation shareholders to help with preparation of tax returns.
Published on March 29, 2012
AICPA S Corporation Shareholder Basis Schedule 2011
Practice Aid :
A tool to assist the tax practitioner in determining a shareholder's federal tax basis in any given year. It is not intended to serve as an all-inclusive schedule covering every possible situation that an S corporation shareholder may encounter.
Published on March 29, 2012
AICPA Subchapter S Related Elections
Practice Aid :
This is a table of 24 elections of which practitioners with S corporation clients or shareholders at every stage of the S corporation should be aware. The table summarizes how and when to make each election, and cites primary authority to assist with further research.
Published on March 29, 2012
AICPA S Corporation Shareholder Basis Schedule
Template :
A tool to assist the tax practitioner in determining a shareholder's federal tax basis in any given year. It is not intended to serve as an all-inclusive schedule covering every possible situation that an S corporation shareholder may encounter.
Published on March 29, 2012
Form to Request Reinstatement as S Corporation due to Indavertant Termination
Sample Letter :
When an S corporation inadvertently terminates its election and fails to qualify for automatic election/termination relief, it has to request relief through the private letter ruling process. This collection of letters makes that filing process easier.
Published on March 29, 2012
AICPA Section 338(h)(10) S Corporation Checklist
Practice Aid :
Buyers and sellers will generally be treated differently in a transaction to sell an S corporation. This checklist walks through the process of making an election to treat an actual stock sale of an S corporation as an asset sale (for federal tax purposes).
Published on March 29, 2012
AICPA S Corporation Buy-Sell Checklist - 2011 Update
Checklist :
The S Corporation Buy/Sell checklist includes some, but not all, of the items that may but are not required to be considered in reviewing an S corporation buy/sell agreement in order to help with tax preparation.
Published on March 28, 2012