David Lingholm, Author at The S Corporation Association

Financial Bailout Package Fails in House

If you are following the markets, you might have noticed the financial sector bailout plan failed in the House, 216 to 206. Here’s the vote tally. When it become apparent the vote was going to fail, the Dow fell by more than 700 points (6%) and continues to trade in that range.

Your S-Corp team expects the House Leadership to work with the Administration to alter the plan and bring it back up on Wednesday. Possible changes include additional conditions for firms selling assets to the Treasury, a smaller cap on those …

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IRS TARGETS S CORPS!

As a follow-up to its broader “Tax Gap” study completed last spring, the IRS yesterday announced it will engage in a multiyear study of about 5000 taxpayers reporting S corporation income or losses. According to the IRS release (see below), the study “will be used to more accurately gauge the extent to which the income, deductions and credits from S corporations are properly reported on returns filed by the flow through corporations and their shareholders.”

The S Corporation Alliance strongly supports appropriate IRS administration of the tax code, but numerous questions arise from the IRS announcement, including why the IRS has …

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About DavidLingholm

Financial Bailout Package Fails in House

IRS TARGETS S CORPS!