On Wednesday, the Republican Steering Committee tapped Representative Kevin Brady (R-TX) to succeed Speaker Ryan as the committee’s chairman. Both he and his . . .
taxation
The Fiscal Cliff: How did Sub S Banks Fare?
By: Patrick J. Kennedy, Jr and William Sutherland
The Fiscal Cliff: How did Sub S Banks Fare?
By: Patrick J. Kennedy, Jr and William Sutherland With the signing of the American Taxpayer Relief Act of 2012 (H.R. 8) S corp . . .
IRS Withdraws Proposed TEFRA Rule
Earlier this month, the IRS finally withdrew its proposed rule relating to the TEFRA disallowance. The rule, which dates back to August 2006, would have forced Subchapter S banks to apply the 20% TEFRA disallowance not just for the first three years after the bank’s S election, but every year thereafter in which it had interest expense attributable to certain tax-exempt municipal securities. Withdrawal of the proposed rule represents the final chapter in what became a hotly-contested dispute between the Sub S bank community and the IRS—one that ultimately went as far as the U.S. Seventh Circuit Court of Appeals in Chicago.
Is S Corporation Status Still Right for You?
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Subchapter S Election for Financial Institutions
Almost one third of the financial institutions in the United States are now organized as S corporations. Is S corporation taxation right for you?
Tax Benefits of Cost Segregation
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IRS Acquiesces to Vainisi Decision
Victory for S corporation financial institutions as the Internal Revenue Service announces it’s acquiescence with the Seventh Circuit Court of Appeals in TEFRA case.
Congress Overwhelmingly Passes Tax Extender Legislation
Officially titled the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the bill extends all of the Bush-era tax cuts through 2012.