Form 1120-S Archives

ICYMI

A roundup of recent discussions from the NAEA WebBoard. QUESTION #1: I have a client who rents out land for a solar farm. I read that a land rental cannot qualify for the qualified business income (QBI) deduction but am trying to find a ... Tynisa Gaines, EA, and Patrick D. Dimmitt, EA

Winter 2024, ICYMI, s corporation, rental, QBI, partnership, depreciation, Schedule C, Schedule K-1, §6221(b), LLC, Form 1065, §121, Form 1120-S, Rev. Proc. 2013-30, §357(c), §351, Form 8832, Reg. §1.469-2T(f)(3), §167, qualified business income, §1016, Rev. Proc. 2019-38, Reg. §1.199A-1(b)(14), solar, Treas. Reg. §301.6221(b)-1, §4.02(6), §5.02, Reg. §1.351-3, §121(d)(10), §1.1250-3(a)(3), Reg. §1.1245-2(a)(4) a, §1250(b)(3), §121(d)(6), Rev. Proc. 2002-69, Schedule SE, Schedule F, §761(f)(2)(B), Badaracco v. Commissioner, §4.03, §721, qualified joint venture, §25D(e)(8), Form 13844, direct debit installment agreement, DDIA, QJV

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

Tax News Briefs

Tax Season News You Can Use

Schedules K-2 and K-3 The Internal Revenue Service (IRS) has posted changes to the 2021 partnership instructions for Schedules K-2 and K-3 (Form 1065) on its website, www.ir... TheTaxBook

Mar/Apr 2022, Tax News Briefs, S Corporations, self-employment, property, partnership, mileage, Form 1040, Form 1065, foreign earned income exclusion, Schedule K-2, Schedule K-3, Form 1116, base erosion and anti-abuse tax, Form 1120-S, §250, §864(c)(8), §721(c), §7874, IRC §469, Regulation §1.469-1T(d)(1), IRC §1401, IRC §1402(a)(1), Regulation §1.1402(a)-4(c)(2), IRC §911(a), IRC §162(a)(2), Form 2555