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Vaulation Comment Period Closes
The official comment period on the proposed Section 2704 regulations closed on November 2nd with 9,830 comments filed. The Ways & Means Republicans . . .
Sigh of Relief: S Corps Exempted from 385 Rules
The final rules offer significant relief for S corp community banks. On October 13th, the Treasury Department and IRS released final and temporary . . .
The Fiscal Cliff: How did Sub S Banks Fare?
By: Patrick J. Kennedy, Jr and William Sutherland
What is a Subchapter S Bank?
A Subchapter S (or S corporation) bank is, in most respects, just like any other finanicial institution.
Is S Corporation Status Still Right for You?
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What are common examples of ineligible shareholders of S corporations?
Ineligible shareholders of an S corporation include: Non-resident aliens; Corporations; Partnerships; Limited liability companies; and IRAs and Roth IRAs (under circumstances not described . . .
How are “members of a family” counted towards the total number of S corporation shareholders?
In addition to raising the number of permissible shareholders from 75 to 100, the American Jobs Creation Act also introduced the term “members . . .
What are the common shareholder restrictions for S corporation financial institutions?
Because S corporations are “pass-through” entities, they are restricted in the types and number of shareholders they may have. In general, only individuals, . . .
How Many Subchapter S Financial Institutions are there in the United States?
According to the Federal Deposit Insurance Corporation (FDIC), there are currently 2,200 financial institutions or bank holding companies organized as S corporations.