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The article centers on recent updates and regulatory changes impacting S corporations. It covers key areas such as election, revocation, and termination of S corporation status, with detailed discussions on eligibility criteria, IRS (Internal Revenue Service) procedures for late elections. It also addresses significant court cases and IRS rulings affecting income passthrough, shareholder basis calculations, and treatment of debts and equity within S corporations.

The article focuses on taxation of Subchapter S corporations and their shareholders under fourteen sections of the Internal Revenue Code (IRC). It mentions AICPA S Corporation Taxation Technical Resource Panel, a volunteer group of practitioners who pay close attention to matters affecting S corporations and their shareholders, offers the following summary of recent developments relating to this tax area. It also mentions provision within this section provides relief for corporations.

The article focuses on several developments in S corporations which include revenue procedures addressed the timing of tax-exempt income and basis inclusion from forgiven Paycheck Protection Program loans. It mentions the U.S. Internal Revenue Service (IRS) has issued a notice and announced that it intends to propose regulations. It also mentions Service issued a notice addressing whether a majority owner's compensation constitutes qualified wages in calculating employee retention credit.

The article focuses on developments in S corporations for preparing tax return. It mentions U.S. Internal Revenue Service (IRS) has issued a notice clarifying GILTI inclusions of S corporation shareholders and that hold stock in controlled foreign corporations. It also mentions new final regulation applies to S corporations that operate a mixed-funds investment in a qualified opportunity fund and sections of the Internal Revenue Code are central to the taxation of Subchapter S corporations.

The article focuses on developments in S corporations after the passage of the U.S. Tax Cuts and Jobs Act (TCJA). Topics discussed include distribution rules for eligible terminated S corporations, changes of TCJA with new qualified business income deduction and a limitation on the deductibility of business interest paid and the U.S. Internal Revenue Service (IRS) designated as a "no-rule" area whether a state-law limited partnership under the U.S. Internal Revenue Code.