S Corporation Income Taxation

Topics

October 1, 2025

Flowthrough forfeiture loss deduction denied

Application of the public policy doctrine is not limited to where a criminally convicted person directly pays a fine or penalty, the Tax Court held.

September 30, 2025

IRS withdraws prop. regs. affecting corporate spinoff transactions

The proposed regulations were withdrawn in response to comments that criticized the proposed guidance, according to the IRS.

August 29, 2025

Guidance on research or experimental expenditures under H.R. 1 issued

The revenue procedure advises taxpayers how to make various elections, file amended returns, and change accounting methods as provided under Section 70302 of the new law.

August 5, 2025

AICPA presses IRS for guidance on domestic research costs in OBBBA

In its letter, the AICPA said small businesses that have not filed returns for the 2024 filing period face uncertainty about how to treat domestic research and experimental expenditures.

August 4, 2025

IRS includes several AICPA recommendations in corporate AMT interim guidance

In a notice issued Tuesday, the IRS said it intends to partially withdraw proposed regulations and issue revised proposed regulations.

June 16, 2025

AICPA makes Priority Guidance Plan recommendations to IRS

In addition to its 183 recommendations for the IRS plan, the AICPA encouraged the agency to continue to pursue tax simplification.

June 3, 2025

Simplified method to determine corporate AMT applicable status issued

A notice issued by the IRS with interim guidance for the application of the corporate alternative minimum tax offers an optional simplified method for determining applicable corporation status under Sec. 59(k).

January 1, 2025

Equitable and collateral estoppel fail to shield S corporation distribution

Divorce, bankruptcy, and death ultimately result in taxable S corporation distribution for surviving shareholder.

December 1, 2024

Disproportionate distributions did not terminate corporation’s S status

Shareholders’ “looting” of the company did not
create a second class of stock, the Tax Court
held.

October 9, 2024

Intangible property repatriation rules finalized

The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.

September 12, 2024

Corporate AMT proposed regulations issued; some penalties waived

The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.

August 12, 2024

FinCEN uses TV ad to tell businesses about BOI

The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.

August 6, 2024

BOI requirements roll along despite concerns about too little outreach

FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.

July 22, 2024

FinCEN estimates millions of hours will be spent seeking BOI access

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

July 2, 2024

Final regs. issued for 1% excise tax on corporate stock repurchases

The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.

April 19, 2024

Updated FAQs provide details on phase-in timing of BOI access

The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI.

April 10, 2024