The Resource Recent developments impacting tax and accounting

Recent developments impacting tax and accounting

Recent developments impacting tax and accounting
Recent developments impacting tax and accounting
The third quarter of 2011 saw many developments impacting tax and accounting in the United States, including: Senate Democrats propose 6% surtax on millionaires; Foreign Earnings Repatriation Tax Holiday Bill introduced; GAO Report on US iax information exchange agreements with other countries; Proposed Regulations excluding certain swap contracts and similar arrangements from treatment as "Sec. 1256 Contracts" and revising the definition of a notional principal contract; President's " Plan for economic growth and deficit reduction" that includes tax measures; President signs Patent Reform Law, which includes measure banning tax patents; Ninth Circuit affirms Tax Court concerning securities lending arrangement under Sec. 1058(b)(3); IRS report on 2011 offshore voluntary disclosure initiative; IRS Memo on procedures to be used by LB&I compliance assurance process teams for evaluating schedule UTP filed for 2010; IRS intends to amend regulations on information reporting and backup withholding requirements for payment card and third-party network transactions; IRS adds to list of treaties for determining "qualified foreign corporations" paying dividends that are eligible for individual income tax rate of 15%, and clarifies application of treaty test in defining "qualified foreign corporations"; Final Regulations on elections to deduct start-up, organizational expenditures; potential state tax implications of Non-admitted and Reinsurance Reform Act of 2010 for captive insurance company arrangements; Final Regulations on accounting methods to be used following corporate reorganizations and tax-free liquidations
Citation source
In: Derivatives and financial instruments. - Amsterdam. - Vol. 13 (2011),
Hammer, V
Geographic coverage
North America
Language note
  • surcharge
  • tax authorities
  • case law
  • securities lending
  • exchange of information
  • deductions
  • captive insurance company
  • accounting
  • compliance assurance process
  • reorganization
  • liquidation
Recent developments impacting tax and accounting
Recent developments impacting tax and accounting

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