Name: Keeping Out of Trouble: The Risk of Invalid or Terminated S Elections
Start: 2099-12-31T00:00:00Z
End: 2099-12-31T00:00:00Z
Location: On Demand - Video

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1:47:59 Minutes

On Demand - Video

If you missed the NJCPA’s Tax Series with Ed Zollars, you can watch a replay. The content is accurate as of the original date presented, 7/25/25. There is no CPE for this on-demand replay.

DESIGNED FOR

Experienced tax accountants who work with S corporation clients or employers

BENEFITS

Gain an understanding of various IRS relief mechanisms, from automatic procedures to Private Letter Rulings.
Preserve valuable S corporation status for clients.

HIGHLIGHTS

Major topics to be covered include:

Identifying common S election defects: Diagnose problems such as late Form 2553 filings, invalid S elections, more than one class of stock or missing shareholder consents, inadvertent terminations of valid S elections (e.g., ceasing to be a small business corporation, excessive passive investment income) and ancillary election failures (e.g., late QSST, ESBT, QSub elections).
Automatic and simplified relief procedures (Rev. Proc. 2013-30): Learn the primary simplified method for obtaining relief for late S corporation elections and certain related elections (e.g., ESBT, QSST, QSub). This includes understanding eligibility requirements like the three-year and 75-day time limit, the "solely because of lateness" condition, the need for reasonable cause and diligence and consistent reporting by the entity and its shareholders.
Addressing common issues via Rev. Proc. 2022-19: This procedure provides "taxpayer assistance procedures" to resolve certain frequently encountered S corporation issues without needing a private letter ruling (PLR). Topics include clarification on the one-class-of-stock rule regarding agreements and disproportionate distributions and the self-correction pathway for non-identical governing provisions. It also addresses non-critical errors on election forms and inconsistent tax return filings.

COURSE LEVEL

Basic

Edward K. Zollars, CPA
(4.8)

Tax and Technology Partner

Thomas Zollars & Lynch, Ltd.

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PRICING

$0.00 - Member

$39.00 - Nonmember

Purchase

Keeping Out of Trouble: The Risk of Invalid or Terminated S Elections (D0-E2507234)

OVERVIEW

DESIGNED FOR

BENEFITS

HIGHLIGHTS

COURSE LEVEL

SESSIONS

INSTRUCTOR

Edward K. Zollars, CPA
(4.8)

PRICING

ADDITIONAL OPTIONS

Request a Reminder

COURSE DEVELOPER

AREAS OF INTEREST

Data Alerts

Keeping Out of Trouble: The Risk of Invalid or Terminated S Elections (D0-E2507234)

OVERVIEW

DESIGNED FOR

BENEFITS

HIGHLIGHTS

COURSE LEVEL

SESSIONS

INSTRUCTOR

Edward K. Zollars, CPA (4.8)

PRICING

ADDITIONAL OPTIONS

Request a Reminder

COURSE DEVELOPER

AREAS OF INTEREST

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Edward K. Zollars, CPA
(4.8)