A quarterly magazine from the National Association of Enrolled Agents
Fall 2024 vol.42 no.3
Will Your Client’s LLC Operating Agreement Make an Election Under Subchapter S Invalid?
Feature Article

Will Your Client’s LLC Operating Agreement Make an Election Under Subchapter S Invalid?

Organization of a business enterprise as a limited liability company (LLC) has a number of advantages. In addition to ease of formation, state LLC acts dispense with many of the formalities required for corporations and wide latitude is given to... Patrick D. Dimmitt

Fall 2024, Feature Article, Private Letter Ruling 202315005, §3.06, Private Letter Ruling 202110010, Corporate Governing Provision Statement, Form 8832, §704, §3.06(d), §1362(f), §83(b), s corporation, Treas. Reg. §1.704-1(b)(2), stock, Treas. Reg. §1.704-1(b)(2)(ii)(b)(2), employee, §1361(1)(D), Private Letter Ruling 202111011, election, Treasury Regulation §1.1361-1(l)(1), Private Letter Ruling 202310001, LLC, §338(h)(10), Uniform Limited Liability Company Act, Form 1120-S, Subchapter S, ULLCA, safe harbor, Private Letter Ruling 201949009, §105(b), debt, Private Letter Ruling 201930023, Rev. Proc. 2022-19, limited liability company
Debt Basis: Is It What You Think It Is?
Preparation

Debt Basis: Is It What You Think It Is?

With the creation of Form 7203, basis has become a hot topic. In 2019, the Internal Revenue Service (IRS) started sending Letter 5969i which said: “Our research indicates you may have claimed pass-through loss o... LuSundra Everett, EA, NTPI Fellow®

Spring 2024, Preparation, §1.1366-2(a)(1)(i), loans, §1.1366-2(a)(1)(ii), debt, Form 7203, Letter 5969, §1366(d)(1), §1.1366-2(a)(2)(i), §385(a), s corporation, Notice 94-97, basis, §1.1366-2(a)(2)(ii)
Recent Passport Cases in the Tax Court
Tax Court

Recent Passport Cases in the Tax Court

In 2015, Congress added §7345 to the Internal Revenue Code (IRC). Under §7345(a), if the Internal Revenue Service (IRS) certifies that a taxpayer has a “seriously delinquent tax debt,” a taxpayer may h... Thomas Gorczynski, EA, USTCP

Winter 2023, Tax Court, debt, §7345(d), Tax Court, §6331, collection, §7459(d), Passport, §6213, §7345, deficiency case, offer in compromise, installment agreement, §6015, Meduty, innocent spouse relief, §7345(a)