A quarterly magazine from the National Association of Enrolled Agents
Spring 2025 vol.43 no.1
Unmasking the Myths: Who Can Truly Be a Shareholder in an S Corporation?
Feature Article

Unmasking the Myths: Who Can Truly Be a Shareholder in an S Corporation?

Revisiting the Basics of the S Corporation: Nonresidents as Shareholders Small business corporations are more popular than ever. You hear about them on social media, and among the tax community. Indeed, sm... Fernando Juarez, EA, and Edgar Gonzalez, EA

Spring 2025, Feature Article, TCJA, Tax Cuts and Jobs Act, s corporation, c corporation, GILTI, nonresident alien, ITIN, small business, partnerships, beneficiary, controlled foreign corporation, CFC, SSN, §1362(d)(2), shareholders, double taxation, foreign bank account, green card test, substantial presence test, Treas. Reg. 1.1361-1(g)(1)(i), §7701(b)(1)(B), §7701, Office of the Chief Administrative Hearing Officer, OCAHO, Immigration Reform and Control Act of 1986, Immigration Act of 1990, electing small business trust, ESBT, tax treaty, global intangible low-taxed income, Form 8833, Treas. Reg. §301.7701(b)-7, INTL-121-90, §1361(a)(1), §1361(b)(2)(C), §1362(a), Treas. Reg. §301.7701(b)-7(a)(4), §957, §552
Navigating Cannabis Tax Planning
Tax Planning

Navigating Cannabis Tax Planning

Navigating the murky waters of cannabis tax planning has always been complex when you consider the ambiguity around the tax code and the regulations impacting the marijuana industry. So how do enrolled agents who chose t... Amorette D. Mason, EA

Winter 2024, Tax Planning, TCJA, Tax Cuts and Jobs Act, §199A, cannabis, marijuana, §280E, COGS, §10.22, §10.35, small business, §10.34, §471(c), social justice, Schedule I, Schedule II, Drug Enforcement Administration, DEA, chief financial officer, CFO, cost of goods sold, §IRC 471-11(c)(2)(i), §IRC 471-11(c)(2)(ii), §6694, §6700
The ERTC Means Big Dollars for Small Businesses, and It Is Not Too Late
Capitol Corner

The ERTC Means Big Dollars for Small Businesses, and It Is Not Too Late

As small business owners and individuals alike now pass the two-year mark of when their lives were first upended by COVID-19 shutting down the world and their livelihoods, many fraught mo... Thad Inge and Claire Nevill

May/June 2022, Capitol Corner, relief, Coronavirus Aid, CARES Act, PPP, American Rescue Plan Act, Consolidated Appropriations Act, Infrastructure Investment and Jobs Act, Emergency Economic Injury Disaster Loan, EIDL, employee retention tax credit, ERTC, small business