Proposed Changes to S-Corporation Law
The Congress is proposing some changes to the law that governs S-Corporations including:
- changes to the way “Passive Income” is classified and taxed (eliminating the hidden “double taxation” by classifying dividend income correctly).
- allow more than one class of stock.
- allow non-resident aliens to become shareholders.
- allow flexibility in the 75 day deadline to file for an S-Corporation.
Overall, I think all these changes would be great, which is all the more reason to form an s-corporation today! 
You can view the full text of the proposed changes here.
(via Dr. Cornwall)
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