Latest News

Subchapter S Bank Association Quoted in Houston Business Journal

Apr 30, 2011

Few Houston-area banks classified as subchapter S corporations want into the federal government’s Small Business Lending Fund even though advocates are working to include them. Congress created the fund in September to provide up to $30 billion in capital to community banks nationwide to aid in the generation of small-business loans. For now, the government is only accepting applications from community banks that are C corporations and can issue a stock class different from common stock to the Treasury as part of the transaction. In this case, it is preferred stock, said Bruce Toppin III, a partner at San Antonio-based law firm Kennedy, Toppin & Sutherland LLP. Subchapter S corporations, which can only offer common stock, are not currently eligible. There are about 16 subchapter S corporation banks in the Houston area, the largest of which is The Woodlands-based Woodforest National Bank, with total assets of $3.2 billion, according to the San Antonio-based Subchapter S Bank Association.  Read more

IRS Acquiesces to Vainisi Decision

Dec 21, 2010

Victory for S corporation financial institutions as the Internal Revenue Service announces it's acquiescence with the Seventh Circuit Court of Appeals in TEFRA case.  Read more

Congress Overwhelmingly Passes Tax Extender Legislation

Dec 16, 2010

Officially titled the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the bill extends all of the Bush-era tax cuts through 2012.  Read more