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Part 3: Qualified Subchapter S Trust Election This section is only for trusts applying for S corporation status. In case, you are a trust applying for S Corp status, then you will have to mention the beneficiary’s name, address, social security number, and the trust’s name, address, an...
The IRS’s intention is to investigate whether taxpayers within these broad groups are in compliance with the applicable tax law and paying the taxes they owe. As part of the implementation of its Strategic Operating Plan, in September 2023, the IRS established a new pass-...
The IRS found that the application of partnership to sell the credits in the CCA transaction was a form of abuse of subchapter K. The author says that the CCA offers a warning that the IRS will employ the anti-abuse regulation to combat listed transactions and deals that disguise to be in...
How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income "from whatever source derived." Since its inception, the tax code has ...
IRS Form 2553 can be a game-changer for the right company. The potential tax savings will undoubtedly pique the interest of many C corps and LLCs. But don’t jump into making an S corp election without careful thought and consideration. ...
(a) A person willfully violating this subchapter or a regulation prescribed or order issued under this subchapter (except section 5315 or 5324 of this title or a regulation prescribed under section 5315 or 5324), or willfully violating a regulation prescribed under section 21 of the Federal D...