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  • S Corporation Banks Facing New Regulations

    On Wednesday, August 8, 2018, the Internal Revenue Service issued proposed regulations that would implement the new 20% qualified business income deduction for S corporation shareholders. This new deduction was created by the Tax Cuts and Jobs Act in 2017 as an attempt to level the playing field for certain pass-throughs such as S corporations with respect to the reduction in the federal corporate income tax rate from 35% to 21%.