S Corporation Guidance Under AJCA of 2004 and GOZA of 2005

Summary

The Internal Revenue Service (IRS) has released proposed regulations under the American Jobs Creation Act of 2004 and the Gulf Opportunity Zone Act of 2005 to provide guidance on changes to S corporation rules. The proposed rules address various issues, including shareholder rules, electing small business trusts, and relief for terminated QSub elections. A public hearing is scheduled to discuss the proposed regulations.