The Important Stuff – Golf
For those attending the AICPA Ag Conference in Denver starting next Monday August 8, I have reserved three tee times starting at 7 am at the Kennedy Golf Course in SE Denver. It is about a 25 minute drive from the hotel to the course. It is a little tough getting tee times in Denver. Many of you have reached out to me to let me know you want to golf but I would appreciate you sending me an email confirming you are golfing who else may be joining you. I have 12 spots available.
It appears we have a good turnout for the conference both in person and online and I look forward to seeing everyone there.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Paul,
Questions: S Corporation Election
2 corporations are each 50% owners of partnership with a fiscal year 9/30. One corporation made and was granted S Corporation treatment starting 10/1/2019. S corporation choice fiscal year 9/30, and attached a statement that entity was a member of a tiered structure and cannot make a section 444 election. The taxpayer has filed two fiscal year tax returns as a S Corporation. July 27, 2022 the Service notified the taxpayer that the S election with an accounting period of December 31, 2021 as of October 1, 2019 was accepted. The taxpayer was prepared to remain a C corporation if the fiscal year were to change.