Federal Tax Update: Difficulties Using LLC as Legal Entity for S Corporation

https://vimeo.com/775484140

https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/27/2022-11-28-difficulties-using-llc-as-legal-entity-for-s-corporation

 

This week we look at:

• Damage award found to not be for physical injuries, entire amount taxable
• Partnership language in LLC operating agreement revision terminated S corporation status (creating a C corporation)
• Taxpayer failed to wait required 6 months for IRS to act on refund claim before filing suit