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The
Presti & Naegele Advantage
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Watch Now
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Preliminary filing season stats show successes and challenges for IRS
Preliminary information from ... Read More
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Lawmakers hear from small businesses about tax complexity, compliance
Small business tax reform was ...
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How do I? Compute withholding using the part-year employment method
Employers generally withhold from ...
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August 2015 tax compliance calendar
August 2015 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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FAQ: Can an S corporation own an interest in another business entity?
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An S corporation may own an interest in another business entity. An S corporation can be a member of an affiliated group by owning 80 percent or more of the stock of a C corporation. The group then can elect to file on a consolidated basis, if other affiliated group rules are met. But the S corporation itself cannot join the consolidated group.
Although in general only individuals can be shareholders in an S corporation, an S corporation can own an S corporation if the subsidiary corporation would otherwise qualify as an S corporation if the parent's shareholders held the subsidiary's shares directly, and the taxpayer elects qualified S corporation status for the subsidiary. Generally, for federal tax purposes a corporation ... Read More
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Tax extenders take first steps to passage before Congress breaks for August recess
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Just before Congress recessed for its August break, a package of tax extenders was approved by the Senate Finance Committee (SFC). The House and Senate both struggled to find ways to pay for a multi-year federal highway and transportation spending bill, and disagreed over the extent of cuts to the IRS's fiscal year (FY) 2015 budget. Congress did not, however, take action on proposals to allow small businesses to reimburse employees for health insurance costs.
Tax extenders
Unless renewed, many tax incentives available in 2014 will not be available in 2015. The list of these popular but temporary tax breaks is long, numbering more than 50, and impacting all types of taxpayers. For individuals, the extenders include the state and local sales tax deduction, higher education tuition deduction, teachers' classroom expense deduction, transit benefits parity, and more. For businesses, the expired extenders include the research tax credit, Code Sec. 179 small business expensing, ...Read More
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