IRS proposal eases rules on S corporations

Article Abstract:

The Internal Revenue Service (IRS) has relaxed its rules on subchapter S corporations. The agency had proposed stringent rules that would have retroactively disqualified many S corporations. Instead, the IRS's new proposal is retroactive only to Dec 31, 1991 and gives such corporations greater flexibility in distributing income. Unequal distributions are allowable, provided that the governing provisions dictate an equal distribution. The original proposal negated the purpose of S corporations by making the rules complex and the penalties for non-compliance severe.

S corporations

---

IRS targets doctors in probe of independent contractors

Article Abstract:

The Internal Revenue Service (IRS) has developed new guidelines for determining status as an independent contractor. In general, if an organization has significant control over a worker's performance, that worker is considered an employee. Physicians with contracts that include non-competition clauses are classified as employees. Physicians reclassified as employees would be entitled to a refund of Social Security taxes, but would lose business deductions and the right to contribute to a Keogh plan.

Offices & clinics of medical doctors, Standards, Independent contractors

---

Fla. physicians lose court battle over birth injury 'tax.' (annual assessments for birth injury compensation funds)

Article Abstract:

Florida and Virginia physician groups challenged the practice of charging physicians annual fees to fund birth injury compensation programs. The Florida Supreme Court rejected Florida Medical Association arguments in Feb 1992, and decided that the fees do not violate physicians' constitutional rights. The Virginia Medical Society was more successful. It won passage of a bill that requires the state to suspend physician assessments any time the birth injury compensation program is adequately funded.

Finance, No-fault insurance, No fault insurance, Birth injuries

Similar abstracts:

• Abstracts: Feds try to embarrass defaulters into repaying loans. Plan may start loan interest rising before school ends. Bill would protect some student loan deferments
• Abstracts: Dorian Yates: guts of a champion. Intense as fire: Dorian Yates' workout heats up the debate over which training system is best
• Abstracts: Going it alone; it's getting more difficult for physicians to practice in the classic way, consultants say. Strategic planning is critical; physicians need to look beyond day-to-day operations of practices

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.