JD Supra

A Narrow Aspect of the Check-the-Box Regulations that Deserves Some Press – Changing an Entity’s Tax Classification From That of a Partnership to That of an S Corporation

More than two decades ago, the Service announced its intention to consider simplifying the entity classification rules in Notice 95-14. It stated: “The Internal Revenue Service and the Treasury ...
JD Supra

Clarifying the federal tax classification of wholly owned tribal entities and the mechanics of the Section 6417 election for such entities

On October 7, 2024, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) clarifying the federal tax classification of certain ...
Accounting Today

IRS Offers Relief for Late Check the Box Elections

IMGCAP(1)]The IRS offers tremendous flexibility in how a foreign entity may be classified for U.S. income tax purposes. Processing Content For example, by following certain procedures, a foreign ...
Smart Business Magazine

Your company’s business classification is worth another look

It can be the case that companies are operating under an inferior business classification — an issue that’s more common than many would think. “They might have chosen a classification as a startup ...
Houston Chronicle

Can an LLC Choose to Be Taxed Differently Every Year?

For federal income tax purposes an LLC, or limited liability company, is considered a disregarded entity. In effect, the LLC does not exist under the Internal Revenue Code. Despite this fact, a ...