An IRS letter ruling allowed an otherwise qualified corporation to continue to be treated as an S corporation for federal income tax purposes despite its inadvertent termination of its S corporation ...

*This article was updated on March 20, 2025. Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholders sell qualified small business stock (QSBS).[1] But a ...

High-earning solopreneurs often operate without a deliberate business structure in place. They file as sole proprietors by default, sometimes because it's the path of least resistance, sometimes ...

Many closely held businesses operate through entities classified as “S corporations,” an elective federal income tax regime that combines elements of corporate and partnership taxation. Among other ...

IRC section 1363(d) generally requires a C corporation that elects to become an S corporation to include a “Lifo recapture amount” in its gross income. The amount is the difference between the ...

An LPL Financial advisor was hit with a surprising blow late last year when a United States tax court sided with the Internal Revenue Service, which argued he could not funnel his income through the ...