Professional Corporation

News & Analysis as of

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

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

What Should Be in Your Physician Shareholder Agreement?

Prior to partnering with one or more physicians, doctors should consider drafting a shareholder agreement that outlines the terms of the relationship, as well as the goals of the corporation. Shareholder agreements anticipate...more

New IRS Ruling Benefits Investor-Owned Hospitals

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

IRS Private Letter Ruling Addressing Captive Professional Corporations Could Result in Significant “Consolidated” Tax Savings

On December 19, 2014, the Internal Revenue Service published PLR 201451009, favorably ruling that a for-profit management company could include its captive professional corporation as a member of its consolidated group for...more

AB 1000 and Corporate Practice in California: More than Meets the Eye—or Less?

On the way to authorizing direct access to physical therapy, the California legislature may have broadly loosened the restrictions on numerous business arrangements imposed by California’s corporate practice ban. AB 1000,...more

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