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Internal Revenue Service › Professional Corporation

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Foley & Lardner LLP

Telehealth Companies Should Read This New IRS Tax Ruling

Foley & Lardner LLP on

On December 4, 2020, the IRS released a new private ruling (PLR 202049002), holding that a physician-owned medical services professional corporation (PC) could be included in a consolidated tax return filing along with the...more

Dickinson Wright

Renewed Perils from “Zeroing Out” a Corporation at Year-End

Dickinson Wright on

Physicians who are involved in the financial management of their practices are all too familiar with the year-end scramble to “zero out” the corporation’s profits. Under this technique, a physician practice that is structured...more

McGuireWoods LLP

Should Professional Corporations Consider Making an S Corporation Election – Again?

McGuireWoods LLP on

The United States Tax Court has held that a law firm organized as a professional corporation is liable for accuracy-related penalties for treating year-end bonuses to the shareholder attorneys as compensation (deductible)...more

Faegre Drinker Biddle & Reath LLP

New IRS Ruling Benefits Investor-Owned Hospitals

Faegre Drinker Biddle & Reath LLP on

Last month, the Internal Revenue Service (IRS) issued a private letter ruling providing a tax benefit to hospitals that own physician practices. The ruling should be of particular interest to hospitals with physician...more

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