Previously published in Journal of Passthrough Entities
Mark Twain is often quoted as saying that "everybody talks about the weather, but nobody does anything about it." Today's tax tip is based on a similar observation: most S corporation shareholders talk about the difficulty of maintaining S elections, but very few do anything about it. In a column that appeared earlier this year in The Journal of Passthrough Entities, Bradley Arant Boult Cummings tax partner Stuart Frentz recommended that tax professionals urge their S corporation clients to do something about it by scheduling periodic check-ups to keep their S elections in working order. Stuart's column was written for a tax publication aimed at tax practitioners; however, those directly involved in maintaining S elections should also know the benefits of preventive maintenance for S corporations. Stuart advises owners of S corporations in particular to read this S Corporation Corner.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
