The official comment period on the proposed Section 2704 regulations closed on November 2nd with 9,830 comments filed. The Ways & Means Republicans . . .
The final rules offer significant relief for S corp community banks. On October 13th, the Treasury Department and IRS released final and temporary . . .
By: Patrick J. Kennedy, Jr and William Sutherland
A Subchapter S (or S corporation) bank is, in most respects, just like any other finanicial institution.
Ineligible shareholders of an S corporation include: Non-resident aliens; Corporations; Partnerships; Limited liability companies; and IRAs and Roth IRAs (under circumstances not described . . .
In addition to raising the number of permissible shareholders from 75 to 100, the American Jobs Creation Act also introduced the term “members . . .
Because S corporations are “pass-through” entities, they are restricted in the types and number of shareholders they may have. In general, only individuals, . . .
According to the Federal Deposit Insurance Corporation (FDIC), there are currently 2,200 financial institutions or bank holding companies organized as S corporations.
Almost one third of the financial institutions in the United States are now organized as S corporations. Is S corporation taxation right for you?