The Resource What's new in US tax and accounting?

What's new in US tax and accounting?

What's new in US tax and accounting?
What's new in US tax and accounting?
The first half of 2010 has been a busy period for tax developments in the financial services industry in the United States. In this piece the author discusses fifteen of these, including the Financial Accounting Standards Board (FASB) to defer consolidation requirements for interest in certain investment entities, updated IRS guidance when disclosure on tax return is adequate for reducing accuracy-related penalty and for avoiding preparer penalty, IRS considers requiring taxpayers to report uncertain tax positions pursuant to FIN 48, IRS directive on total return swaps used to avoid dividend withholding tax, D.C. Circuit affirms Tax Court's finding that partnership was a "sham" but reversed findings concerning partner's basis and penalty determinations, IRS provides administrative relief for certain foreign bank and financial accounts (FBAR) filings due on 30 June 2010, Proposed Regulations concerning FBAR filing requirements for reporting foreign financial accounts, Tax Court opinion on guarantee fees paid by a US subsidiary to a Mexican corporation, discussion of provisions in the USA-Chile income tax treaty, IRS provides safe harbour for like-kind exchanges when qualified intermediary defaults on obligation to acquire and transfer replacement property to the taxpayer, FASB clarifies embedded credit derivative scope exception, non-performing loans, amounts paid to settle lawsuits concerning acquisitions are capital expenditure, not ordinary expense, US-Dutch competent authorities revise qualification procedures for US tax-exempt trusts, companies and organizations for claiming tax treaty benefits, and IRS releases draft schedule uncertain tax positions (UTP) and draft instructions for reporting UTPs
Citation source
In: Derivatives and financial instruments. - Amsterdam. - Vol. 12 (2010),
Hammer, V
Geographic coverage
North America
Language note
  • tax authorities
  • tax treaty
  • financial services
  • disclosure
  • case law
  • like-kind exchange
What's new in US tax and accounting?

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