Similar to the IRS focus on partnership that we shared in our last week post, the S Corporation is another higher scrutiny entity type for the IRS. Back in June 2024, the IRS Chief Counsel Margie Rollinson announced the creation of new Associate Office that would focus on partnerships, S Corporations, trusts and estates. She mentioned: “… This new Associate office will allow the Chief Counsel organization to focus more directly on this complex area of the tax law and allow more attention to legal guidance and other priorities in the partnership arena.”
The AICPA S Corporation panel wrote a summary of updates and developments based on new legislation, jurisprudence and tax authorities guidance. This summary was released back in July 2024 in The Tax Adviser. We will not go over all different sections and topics in this article, but it is a reflection that tax changes are happening more often and frequently than in previous periods. As a result, keep yourself informed and when in doubt, reach out to our CPAs for tailored advice.
The Tax Adviser – Current developments in S corporations (last 12 months – ending March 2024)
