In 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022 – 19 (Rev. Proc. 2022-19) to offer relief for businesses operating as S Corporations (S Corp) that have issues with their organizational documents. IRS guidance addresses six specific items that could potentially disqualify the status of an S Corp, with the most important of these items focused on a non-identical governing provision where distributions and liquidations are not always equal.

Barry Weins, Tax Director, joins this episode of the Tax Beat podcast with Brooks Nelson, Partner and Strategic Tax Leader, and Sarah McGregor, Tax Director, to share more about Rev. Proc. 2022-19 and the benefits it brings to S Corps.

Listen in as our team covers:

  • 2:22 – Background on S Corps
  • 4:43 – Importance of Maintaining S Corp Qualification
  • 5:50 – Common Issues S Corps Deal with on IRS Relief
  • 9:53 – Background on Revenue Procedure
  • 13:16 – Key Points of New Revenue Procedure
  • 14:33 – How to Comply with Revenue Procedure
  • 18:16 – Impact on mergers and acquisitions involving S Corps
  • 19:59 – Issues S Corps should be thinking about

Related Insights:


View All Tax Beat Podcasts

 

Sarah McGregor headshot

Sarah McGregor

Tax Services

Director, Cherry Bekaert Advisory LLC

Brooks E. Nelson headshot

Brooks E. Nelson

Tax Services

Partner, Cherry Bekaert Advisory LLC

Past Episodes

Risk & Accounting Advisory Podcast thumbnail

Podcast

May 20, 2025

09:04

Speakers: Yani Diaz, Ann-Blair Jamison

Learn how internal audit teams use data analytics to identify control weaknesses, ensure compliance, and make better data-driven decisions.

Risk & Accounting Advisory Podcast thumbnail

Podcast

May 7, 2025

15:09

Speakers: Andrew Jameson

Discover the top three critical internal audit skills from IIA's Vision 2035 and learn how to build communication, adaptability, and critical thinking.

Risk & Accounting Advisory Podcast thumbnail

Podcast

May 1, 2025

22:18

Speakers: James Eldridge, Scott Peyton

Learn how the IIA Vision 2035 redefines internal audit with a stronger focus on emerging risks, innovation and strategic advisory capabilities.