by George G. Jones and Mark A. Luscombe

The Internal Revenue Service recently announced an opportunity for some partners and S corporation shareholders to spread out income that is realized in any short year generated by certain accounting year changes by their S corporation or partnership. Unfortunately, this opportunity — in the form of Revenue Procedure 2003-79 — allows the S corp or partnership a relatively short window of time within which to act.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access