Members of the House and Senate submit bills that would make it easier for small businesses, including community banks, to incorporate under subchapter S of the Internal Revenue Code.* Members of the House and Senate submit bills that would make it easier for small businesses, including community banks, to incorporate under subchapter S Subchapter S IRS regulation that gives a corporation with 35 or fewer shareholders the option of being taxed as a partnership to escape corporate income taxes. of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . Under it, shareholders--but not the company--pay tax on the entity's income, unlike C corporations, which are taxed at both levels. Proponents say passage of the bills would greatly improve smaller banks' competitiveness (www.aba.com/Press+ Room/reform072001.htm). |
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