Business Merges and Conversions

Feb 3rd, 2012
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In the case of accidental/unintentional termination an S corporation can be reinstated under the following condition (Edwards, 2013). The condition is that the organization/entity rectifies or drops the activity that prompted the termination; taxes in arrears should also be paid within reasonable time (Edwards, 2013). The issue that is most questioned is on how long or short is a reasonable time period? Nevertheless the IRS has full discretion on whether or not an entity gets restored to its Subchapter S status.

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Business Merges and Conversions PaperStudent's NameAffiliationBusiness Merges and ConversionsIn the case of accidental/unintentional termination an S corporation can be reinstated under the following condition (Edwards, 2013). The condition is that the organization/entity rectifies or drops the activity that prompted the termination; taxes in arrears should also be paid within reasonable time (Edwards, 2013). The issue that is most questioned is on how long or short is a reasonable time period? Nevertheless the IRS has full discretion on whether or not an entity gets restored to its Subchapter S status (Edwards, 2013). For any entity that seeks to get restored to an S corporation it has to hire the services of accountants and credible lawyers. These individuals will help in the determination of the main reason for termination (Edwards, 2013). A limited liability

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