OFFICIAL PUBLICATION OF THE NEBRASKA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Pub. 5 2023 Issue 3

Relief for Inadvertently Invalid S Elections, QSub Elections, and Terminations

Qualification as an S corporation may be critical to achieving a business’ tax objectives; however, the S corporation rules contain many traps for the unwary. In particular, S corporations may inadvertently invalidate or terminate their S elections. Qualified subchapter S subsidiaries, or QSubs, may face similar issues. Section 1362(f) of the Internal Revenue Code provides […]

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President’s Message: Society Leaders Visit Capitol Hill

Leaders from the Nebraska Society of CPAs visited the offices of Nebraska lawmakers in Washington, D.C., in May to discuss a variety of issues important to the accounting profession. The trip was part of the American Institute of CPAs (AICPA) Spring Meeting of Council and Annual Members Meeting. Nebraska CPAs who joined me in attending

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