SOC Tip #5

Service Organizations should align their summary of the system description with their controls matrix. It is a good practice to use the controls matrix as an outline when writing a systems description

Corporations Shareholder Liable as Transferee for Corporation

After a long-running dispute, the IRS prevailed in a recent U.S. Tax Court ruling that found a corporation’s sole shareholder liable for more than $21 million of company’s unpaid taxes and subsequent penalties.

Extensions Granted to Make Entity Classifications Elections

When a new business forms and is not required to be classified as a corporation, the entity can choose how it wants to be classified for federal tax purposes. Typically, the business may use Form 8832 (Entity Classification Election) to make this choice.

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