Latest News Tagged With “IRS”

The Sub S Bank Report Volume 19, Issue 4

Dec 30, 2016

The Sub S Bank Report Volume 19, Issue 4 is now available to read. Learn more about: Post Election Impact; S Corp Still Makes Sense; Shareholder Agreements Can Save the Day for S Elections; S Corporation Talking Notes from the IRS; ADA Website Threats; & The Date of the 20th Annual Conference in 2017. To read it, log in with your membership information. If you need assistance resetting your log in information or did not receive the email copy to your inbox email Amy Trevino at atrevino@kslawllp.com.   Read more

IRS Withdraws Proposed TEFRA Rule

Nov 14, 2011

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.  Read more