The rules that allow certain benefits to S corporations that revoke their S corporation status and become C corporations (referred to as eligible terminated S corporations, or ETSCs) are applicable only if the revocation takes place by Dec. 21, 2019. An ETSC is a C corporation that was an S corporation on Dec. 21, 2017, and that revoked its S corporation election during the two-year period beginning on Dec. 22, 2017. In proposed IRS regs, the revocation requirement would be satisfied if the S election is validly revoked during the two-year period beginning on Dec. 22, 2017, even if the effective date for the revocation is after the two-year period ends. For more info: https://bit.ly/36vAObf . Call or visit our website for more information! www.mjscpa.com/