This annual update on recent developments in taxation on S corporations from The Tax Adviser includes cases and rulings on eligible shareholders, electing small business trusts, inadvertent S election terminations, and changes made by the law known as the Tax Cuts and Jobs Act. To read the full article in The Tax Advisor, click: Current Developments in S Corporations.
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The requirements that S corporations must meet may be challenging but any violation of the rules may result in an inadvertent termination of an S corporation’s status. Sally P. Schreiber, senior editor with the AICPA Magazines & Newsletters team, outlines the S corporation requirements and talks about the seven types of trusts that qualify to be S corporation shareholders. She discusses how the IRS is providing limited relief for corporations who violate the rules and making it fairly easy for them to fix these problems. [button color=”blue” link=”http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2015/CorpTax/s-corporation-inadvertent-terminations.jsp” target=”_blank” font=”arial” align=”left”]For more information on ways to avoid S corporation inadvertent…