S Corporations

    S Corporations 

    This section contains analysis of legislative issues, comments and other topical information regarding S corporation taxation.

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    AICPA Letter in Support of Snowe Amendment to Strike S Corp SECA Tax - June 14, 2010

    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 September 28, 2012

    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 September 28, 2012

    AICPA Proposed Revenue Ruling Regarding the Treatment of Noncapital, Nondeductible Expenses with Respect to an S Corpora...

    Comment Letter In this proposed revenue ruling, the AICPA suggests that nondeductible, noncapital allocations to an S shareholder in excess of basis will not carryover to future years unless the re-ordering election of reg. section 1.1367-1(g) is made.
    Published on September 28, 2012

    AICPA Proposes Revenue Ruling including a Safe Harbor for Penalty Relief for Late-Filed S Corporation Returns

    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 September 28, 2012

    AICPA Comments on OPen-Account Debt Proposed Regulations -September 6, 2007

    Comment Letter IRS proposed amending regulations with respect to application of open account debt between shareholders and S corps. AICPA believes this would present a significant tax compliance burden and place many shareholders in a complex and costly situation.
    Published on September 28, 2012

    AICPA Proposes Revenue Ruling Regarding the Application of the Small Business Corporation Exception to Golden Parachute ...

    Comment Letter This proposed AICPA revenue ruling attempts to clarify whether QSST or ESBT elections are required in order for payment to be exempt from the golden parachute rules.
    Published on September 28, 2012

    AICPA Offers Pre-Release Comments on Anticipated Proposed Regulations to Determine when S Corporation Shareholders Recei...

    Comment Letter In these pre-release comments, the AICPA suggests a safe-harbor where an S corporation shareholder would receive debt basis for loan transactions involving the S corporation and multiple parties or entities.  Proposed regulations are anticipated.
    Published on September 28, 2012

    AICPA Proposes Revenue Ruling on S Corporation Shareholder Health Insurance Prumium Deduction

    Comment Letter In response to IRS headliner Vol. 163, AICPA provides a proposed revenue ruling to clarify/modify existing guidance on circumstances in which an S corporation shareholder is entitled to an above-the-line deduction for health insurance premiums for the self-employed.
    Published on September 28, 2012

    AICPA Recommendations to Congress on S Corporation Reform - April 3, 2006

    Comment Letter AICPA suggests important provisions for inclusion in 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 September 28, 2012

    Comments on Tax Technical Correction Act of 2009 - Taxable Year vs. Tax Year

    Comment Letter In the Tax Technical Corrections Act of 2009, Congress attempted to modify language in the shortened built-in gains period such that the 7-year recognition period would be fulfilled after the "7th year" rather than the "7th taxable year."  This change would have significant and retroactively caused many companies to abandon
    Published on September 28, 2012

    AICPA Comments On Proposed Regulations Addressing the Reduction of S Corporation Tax Attributes Under Section 108(b)

    Comment Letter AICPA commends the Service for clarifying the manner in which an S corporation reduces its tax attributes, but believe the method as promulgated will in certain circumstances produce inequitable results.
    Published on September 28, 2012

    AICPA Urges Congress to Restore Nonresident Alien Provision to H.R. 2206

    Comment Letter In a letter to congressional tax writers, the AICPA has asked that a provision from an earlier version
    Published on September 28, 2012

    AICPA Urges Congress to Make S Corporation Reforms

    Comment Letter AICPA provides written testimony before Congress in support of the Subchapter S Modernization Act of 2003.
    Published on September 28, 2012

    AICPA Urges Congress to Make S Corporation Changes

    Comment Letter In oral testimony before the House Small Business Subcommittee on Regulatory Reform and Oversight at a hearing held June 27, 2006, the AICPA tells Congress, among other things, that fiscal years should be more widely permitted, that the treatment of active S corp. owners as employees should not be changed,
    Published on September 28, 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 September 28, 2012

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