Recent developments impacting tax and accounting

Resource Information

The work Recent developments impacting tax and accounting represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.

Label

Recent developments impacting tax and accounting

Creator

• Hammer, V

Subject

• captive insurance company
• case law
• compliance assurance process
• deductions
• exchange of information
• accounting
• reorganization
• securities lending
• surcharge
• tax authorities
• liquidation

Language

eng

Summary

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),

Geographic coverage

North America

Language note

English