Topic Thread

2018 S termination for C corp status

  • 1.  2018 S termination for C corp status

    Posted 08-07-2018 18:30
    When I initially went thru the new tax law & read about the 21% flat corporate rate & the "companion" provision for other entities (Cs; Es; p'ships; S corp), my thought, after about 10 minutes of digesting the impact / consequences of this tectonic plate shift was "we will need a special dispensation window, longer than the current 75 days, to determine if C or S is the better avenue."  Today a client's prof practice (dentist) info presented just such a conundrum.  WAY past the phase out for the QBI; S/B, it appears right now, the S should have been terminated for the 2018 year.
    Does anybody know if this is on the AICPA Tax Division (or the other august bodies) list of issues?  Was this, perchance, addressed while NcCPAp met in Washington, DC?

    Robert Gaines CPA
    Temple TX

  • 2.  RE: 2018 S termination for C corp status

    Platinum Most Valuable Member
    Posted 08-08-2018 08:28

    As far as NcCPAp goes, we did not address the new legislation when we went to Washington.

    Robert Brown
    Jericho NY

  • 3.  RE: 2018 S termination for C corp status

    Silver Most Valuable Member
    Posted 08-09-2018 09:31
    ​There is so much happening now.  I plan to speak about some of these business considerations at the Symposium.  It would be appropriate if the IRS and NYS provided more time to make elections.

    Robert Barnett
    CPA, ESQ.
    Capell Barnett Matalon & Schoenfeld LLP