Don’t Lose Your S-Corporation Status!

Financial Institutions

July 01, 2013
by Nicole Meinhardt, CPA

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Nicole Meinhardt Nicole Meinhardt, CPA
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Once a bank has obtained S-corporation (“S-corp”) status, there are certain restrictions on shareholders that the bank needs to comply with to maintain that status. Bank management should exercise due diligence every time shares are transferred or it will be forced to “play catch up” to maintain its tax-favored status and protect the bank from liability.

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