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Searching Content indexed under Finance and Banking by Grant Thornton LLP ordered by Published Date Descending.
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1
FinCEN Provides FBAR Relief To Victims Of Hurricanes Harvey And Irma
On Sept. 7 and 12, respectively, FinCEN announced that Hurricane Harvey victims in affected areas of Texas, and Hurricane Irma victims in affected areas of the U.S. Virgin Islands...
United States
5 Oct 2017
2
IRS Publishes Guidance On Stock Distributions For Publicly Offered REITs And RICs
On Aug. 11, the IRS published a revenue procedure (Rev. Proc. 2017-45) providing a set of procedures that a publicly offered REIT or a publicly offered RIC can follow to ensure that certain distributions...
United States
5 Sep 2017
3
IRS Rules Interest Is Qualifying REIT Income
The IRS Office of Chief Counsel ruled in a private letter ruling (PLR 201732012) released Aug. 11 that interest received by a REIT was qualifying income for purposes of the REIT income test under Section 856(c)(3).
United States
5 Sep 2017
4
Massachusetts Supreme Judicial Court Upholds Constitutionality Of Financial Institution Excise Tax Apportionment Rules
The Massachusetts Supreme Judicial Court has reaffirmed its decision that the state's apportionment of loan income did not violate the internal consistency test of the dormant Commerce Clause of the Constitution.
United States
10 Oct 2016
5
Republican Tax Writers Press Treasury On Debt And Equity Regulations
The top Republican tax writers in Congress last week renewed their efforts to pressure Treasury into backing down on the proposed regulations issued under Section 385.
United States
29 Sep 2016
6
New York City Tax Appeals Tribunal Affirms Exclusion Of Mortgage Subsidiary From Combined City Bank Tax Return
The New York City (NYC) Tax Appeals Tribunal has affirmed the determination of the Chief Administrative Law Judge's previous decision in Matter of Astoria Financial Corp.
United States
1 Sep 2016
7
IRS Issues Final Regs On Money Market Funds
The IRS has issued final regulations under Section 446 (T.D. 9774) that provide a simplified method of accounting for gains and losses on shares in a money market fund (MMF).
United States
22 Jul 2016
8
Wyden Proposes Discussion Draft To Mark-To-Market Derivatives
Senate Finance Committee ranking minority member Ron Wyden, D-Ore., released a discussion draft last week that would reform the tax treatment of derivatives.
United States
6 Jun 2016
9
New Developments Summary - Accounting For Financial Instruments
The guidance in ASU 2016-01 is effective for "public business entities," as defined, for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.
United States
31 Mar 2016
10
Treasury Proposes Revising FBAR Rules For Certain Financial Professionals
If finalized, the proposed regulations ( RIN 1506-AB26) would amend the FBAR regulations by eliminating the current signature authority filing requirement exemptions and adding a simplified and expanded exemption.
United States
30 Mar 2016
11
IRS Memorandum Addresses Application Of Like-Kind Exchange Rules And Aircraft Held For Trade Or Business Use
In a recent Internal Legal Memorandum to the field, the IRS National Office determined that an aircraft was held for productive use in a trade or business for purposes of applying the Section 1031 nonrecognition provisions.
United States
4 Feb 2016
12
New Spin-Off Issues Under Study, IRS Says
In Notice 2015-59, the IRS announced there are several areas that are currently under study based upon characteristics of certain Section 355 spin-offs that concern the IRS due to possible abuse.
United States
15 Oct 2015
13
IRS: Indemnity Obligations Are Not Securities Subject To Mark-To-Market
The IRS concluded in a chief counsel advice (CCA) memorandum that indemnification obligations related to originated mortgages did not constitute a security subject to Section 475.
United States
20 Aug 2015
14
IRS Defers Applicability Of Broker Reporting Rule
The IRS issued amendments (T.D. 9713) to the regulations under Section 6045A to delay until 2016 the new broker basis and premium reporting requirements that apply to transfers of debt instruments.
United States
25 Jun 2015
15
IRS Issues Temporary Regulations Related To Notional Principal Contracts
Three types of payment generally relate to an NPC: (i) periodic payments, (ii) nonperiodic payments and (iii) termination payments.
United States
29 May 2015
16
Senate Tax Writers Seek To Cut Alternative Fuel Taxes And Ease FIRPTA Burdens On REITs
The Senate Finance Committee approved a package of 17 relatively noncontroversial bills last week that includes provisions to ease restrictions under the Foreign Investment Real Property Tax Act of 1980...
United States
5 Mar 2015
17
Nonrecourse Debt Affects Mark-To-Market Calculation
The IRS concluded in an internal legal memorandum released Feb. 13 that a taxpayer’s nonrecourse liability affected its mark-to-market computation under Section 475(a).
United States
4 Mar 2015
18
IRS Rules That Interests In A Partnership And Trust Are Registered Obligations
Under Sections 871 and 881, interest must be paid on an obligation that is in registered form to qualify as portfolio interest.
United States
4 Mar 2015
19
IRS Releases Final Regulations For Reporting Of Specified Foreign Financial Assets
On Dec. 12, the IRS released final regulations under Section 6038D https://s3.amazonaws.com/public-inspection.federalregister.gov/2014-29125.pdf (T.D. 9706) relating to the provisions of the Hiring Incentives to Restore Employment (HIRE) Act that require specified foreign financial assets to be reported to the IRS for taxable years beginning after March 18, 2010.
United States
6 Jan 2015
20
IRS Rules On Bad Debt Deduction
In a private letter ruling http://www.irs.gov/pub/irs-wd/201450011.pdf (PLR 201450011), released on Dec. 12, the IRS said that a corporation could take a bad debt deduction under Section 166 related to payments made to a disputed ownership fund under Treas. Reg. Sec. 1.468B-9.
United States
6 Jan 2015
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