The IRC permits certain qualified retirement plan trusts to be shareholders of S corporations; thus, an S corporation can adopt an ESOP. 1 When a tax-exempt entity (e.g., an ESOP) holds an ownership ...

Many banks have elected to be “S Corporations” for tax purposes. This status can provide significant tax benefits to the bank’s shareholders, but it also comes with several ongoing technical ...

The IRS may grant you the S Corp election for the current tax year if you demonstrate reasonable cause for missing the due date. If you were looking forward to the tax advantages of electing S ...

As clients' businesses evolve, it sometimes makes sense for them to change how their companies are taxed. And I expect that occasionally you've encountered clients who made a change at one point but ...